The spotlight from all regulators, particularly the FRC, continues to intensify as our client takes on ever larger and more complex audits. Our client is subject to a number of external regulator reviews from the FRC (AQR), QAD and PCAOB and, internally, the firm conducts annual audit quality monitoring across all of the firm’s audit work.
This is a role where the individual can have a real impact in improving the firm’s audit quality.
The role will provide you with a unique insight into the areas of audit quality concern and best practice being identified by Regulators and enable these to be quickly reflected in the firm’s internal audit quality monitoring.
This will ensure that the firm’s own monitoring reflects the robustness of the Regulator so that audit quality improvements can be made more quickly. You will actively contribute to helping the firm improve the consistency of its overall audit quality.
The role will involve a combination of:
- Internal quality monitoring – reviewing completed AQR in-scope audits, assessing the quality of audit work and its compliance with auditing standards and the firm’s internal policies and procedures and discussing any quality findings with RIs and audit teams with a view to agreeing actions to achieve improvement.
- Regulator review support – providing support to audit teams undergoing an external Regulator review (principally AQR) to help them navigate the requirements. You will review the selected audit file and support the team in responding to the Regulator’s informal verbal queries, drafting written responses to the Regulator’s formal queries and findings, including helping to develop the specific actions to address the findings raised.
In this challenging and rewarding role you will be:
- Collating examples of audit quality findings and good practice to share with the audit stream.
- Assisting with audit quality communications including both presenting on calls and writing newsletter articles
- Taking part in root cause analysis investigations to help identify the cause of why findings arise.
- Undertaking ad hoc audit quality projects including thematic reviews, reviewing audit files where there has been a risk report and supporting theInternational audit quality programme to drive audit quality improvements across the International network.
- Participation from time to time in other AQD activities
About you
- ACA or similar professional accountancy qualification
- Considers themselves an expert with regards to the UK auditing standards
- Have experience of financial services audits.
- As this role will involve reviewing completed audit files in the scope of AQR review for quality purposes, experience as an audit manager is essential and experience of AQR scope audits is preferable.
- Wide-ranging practical experience regarding application of ISAs and audit methodology is essential; experience in IT auditing techniques would be an added advantage.
- Ability to be objective and sceptical and to have confidence to challenge more senior members of an audit team.
- Ability to work both independently and collaboratively as part of a small team and able to use own initiative.
- High attention to detail
- Strong problem-solving skills.
- Excellent communication skills, both written and verbal, including an ability to communicate difficult messages.
- Takes personal responsibility and accountability for own work.
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