The purpose of the FRC is to serve the public interest by setting high standards for corporate governance, reporting and audit and by holding to account those responsible for delivering them.. We are the UK audit regulator and set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about the role of the FRC can be found at www.frc.org.uk.
The Audit Inspection & Supervision (AIS) team, formerly “Audit Quality Review (AQR)”, monitors the quality of listed and major public interest audits undertaken by the major UK audit firms and is a leading international audit regulator, playing a significant role globally in the promotion and development of audit regulation.
This team is being expanded to enhance our forward-looking supervision of the largest audit firms alongside an expanded programme of audit inspections/file reviews. A key part of this change is appointing Supervisors who will lead our engagement with individual audit firms to promote audit quality and audit market resilience.
Successful candidates will supervise the largest UK audit firms, including being the main point of contact with senior partners and staff at those firms. Supervisors will oversee the FRC’s monitoring of the firm’s actions to improve audit quality and meet ethical requirements. This will include bringing together work performed across the FRC at a firm specific level, including inspection of individual audits (AIS) and cross-firm reviews of firm-wide arrangements (AMS) to support audit quality.
This is an exciting time to work at the FRC as we respond to the government-led reviews of the audit market, enhance our effectiveness and transition to a stronger regulator.
The role provides a unique insight into how the major audit firms operate and how they are responding to current issues in the profession and the changes in regulatory requirements. Successful candidates will have the satisfaction of being able to influence the practices and procedures of the major audit firms to enhance audit quality and audit market resilience. They will have the opportunity to help create a supervision function for audit firms and to influence the regulatory framework for the audit market at a time of change. They will lead significant elements of the regulation of audit, including, for at least one of the major audit firms:
- Developing a supervisory strategy and holding firms accountable for delivering actions to improve audit quality and audit market resilience
- Being the main FRC contact for audit and regulatory matters with the firm, including leading meetings with senior personnel at the audit firms on such matters
- Building constructive and professional relationships with senior management and teams at the audit firms in an environment which can be challenging
- Monitoring the firm’s responses to current issues and responses to audit profession wide and regulatory driven changes, such as arising from the Kingman and Brydon reviews
- Overseeing the review of the key elements of the firm’s procedures to improve audit quality on an ongoing basis (including the firm’s development of actions plans, results of internal quality monitoring, their root cause analysis and responses to those findings; their ongoing monitoring of audit quality indicators, and the firm’s compliance with other ISQM1 requirements)
- Synthesising the results of individual audit inspections, cross firm-wide inspection procedures and thematic reviews undertaken by AIS and AMS, to ensure they are joined up with the firm specific development of action plans and holding firms accountable for delivery
- Working as a team of Supervisors, together with the AIS inspection leaders and AMS team members, and others across the FRC, to improve audit quality and increase confidence in audit in the UK
- Leading the production of annual public reporting for the firm, with input from AIS and AMS teams and other parts of the FRC, and preparation of the annual supervisory letter for the firm
- Leading decisions on annual audit registration of the firm and the constructive engagement process and outcomes
Significant experience in either audit and audit inspection or quality control or regulation and supervision in another sector.
The ideal candidate will have:
- Experience of leading highly effective inspection and/or supervision teams
- Understanding of the regulatory and audit environment
- An accounting qualification coupled with membership of ICAEW, ACCA, ICAS or ICAI (or equivalent) would be an advantage but is not essential
- Excellent analytical and problem-solving skills so that they can quickly evaluate a significant amount of information, understand the bigger picture, identify what is really important and critically assess the sufficiency of firms’ actions
- Excellent oral communication skills with the confidence and the ability to challenge the judgements made by senior partners and engagement teams
- Exceptional report writing skills, able to express issues in a clear, balanced and concise manner
- Strong interpersonal skills, able to quickly establish credibility, and influence at senior levels at the audit firms
- Experience of line managing professional staff and commitment to supporting the development of others in the team
The role is based in our central London office. Flexible working arrangements will be considered, including working from home where practicable.
Rewards and benefits
- The FRC offers competitive remuneration packages, with benefits including 30 days annual leave plus the ability to buy extra leave
- The FRC has a strong work/life balance ethos
The FRC believes that equality of opportunity and diversity is important in the work that we do and we are strongly committed to being an inclusive employer. Our values of being fair and independent supports this commitment. We're a signatory to the Government's Disability Confident scheme, which means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.
Equal opportunities monitoring is an important means of demonstrating and implementing our commitment to promoting equality of opportunity and diversity. Completing our diversity form will assist the FRC to identify any barriers that prevent access to employment and career development for certain groups of people, and to develop solutions, such as action plans, new policies and practices. The form is completed on a voluntary basis and we strongly encourage all job applicants to complete it.
Please apply by emailing a copy of your CV and covering letter to the FRC Recruitment team at [email protected]. In the covering letter, please set out, by reference to the person specification above:
- how you meet the required skillset
- confirm that you have the right to work in the UK
- confirm your current package and benefits, and
- tell us where you heard about this job