The Financial Reporting Council (FRC) is responsible for the regulation of UK statutory auditors and audit firms and for monitoring developments in the market. We aim, through our supervision and oversight, to develop a fair, evidence-based and comprehensive view of these firms, to judge whether they are being run in a manner that enhances audit quality and supports the resilience of individual firms and the wider audit market. We adopt a forward-looking supervisory approach to audit firms, and we hold firms to account for making the changes needed to safeguard and improve audit quality. Further information about the role of the FRC can be found at www.frc.org.uk.
Audit Market Supervision (AMS) takes a cross-market approach to areas of importance to audit quality and firm resilience, assessing the effectiveness of the audit firms’ arrangements in the following areas:
- Audit quality management arrangements
- Governance and leadership
- Culture and conduct
- Risk and resilience
- Operational separation
- Audit Market monitoring
Staff have a range of backgrounds (governance, culture, risk management, internal audit, regulation, and statutory audit) representing the broad subject matter within the team’s remit.
The Head of Risk and Resilience in AMS is seeking to appoint a Project Director to lead on the operational resilience of the largest audit firms – in other words, do they have appropriate processes and controls (for example risk management, internal audit, cyber-security, professional indemnity insurance) to mitigate the risks facing them.
The Role:
The role involves:
* designing and leading the monitoring and supervisory work on the operational risk- and resilience-related processes and controls at whole-firm level of the largest UK audit firms.
* identifying key findings and presenting effectively (both in writing and orally) to senior management in the firms to achieve change.
* contributing to the management of the AMS relationships with the firms, especially with their Chief Risk Officers and similar.
* working in a small team of specialists, and contributing to the management and strategy of the Risk and Resilience Team.
The Person:
A degree and/or professional qualification, as well as experience working in professional services or similar or a regulatory field are required. The ideal candidates will have:
* Significant experience in either risk management, internal audit, or similar process/controls-based work.
* Broad understanding of the how large multi-disciplinary audit firms are structured and managed.
* Strong written and oral communication & interpersonal skills, including drafting reports and presenting them to senior levels.
* Effective project and time management skills.
* Desirable: experience in/awareness of financial resilience (for example size and duration of bank facilities linked to the cashflow cycle and stress testing; availability of finance for strategic investments)
* Desirable: experience in regulation or monitoring/supervision in audit, accountancy, law or another sector.
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