The Systems of Quality Management team, within the Audit Market Supervision (AMS) team, is responsible for monitoring the systems of quality management, for firms that undertake public interest entity audits, and their compliance with ISQM (UK) 1 and ISQM (UK) 2. We identify and communicate findings and good practice to the audit firms to drive commitment to designing, implementing and operating systems that enable proactive management of audit quality. This work requires significant engagement with the audit firms and working closely with other teams across the supervision division.
This role is based in Birmingham, with some travel to the London office.
The role
The role involves:
* Undertaking fieldwork, under ISQM (UK) 1 and ISQM (UK) 2, at the Tier 1 and Tier 2 audit firms and the NAO, with supervision and support, to benchmark firms and identify what findings we firms should act on to ensure regulatory compliance and promote continuous improvement.
* Contributing to strategic discussions on how we perform fieldwork projects and exercise judgement in identifying the key areas where regulatory focus is needed.
* Contributing to the communication of our key findings and concerns to internal and external stakeholders verbally and in writing.
* Communicating with other teams within the FRC to ensure a joined up and coordinated approach.
* Developing professional working relationships with audit firm contacts to explain questions and concerns in a potentially challenging environment.
* Flexible management of work on medium- and long-term projects (usually over several months), and ongoing management of project timelines and flow of information from audit firms.
* Processing, analysing and synthesising large volumes of information, and balancing working through detailed information with understanding the broader context, and identifying where engagement with senior team members would be beneficial.
* Exercising judgment to highlight key concerns and omissions and consider how they can be persuasively presented.
The person
The ideal candidate will have:
* Strong understanding of, and interest in, ISQM (UK) 1 and 2.
* Chartered Accountant or equivalent accounting/audit qualification.
* Some experience at manager level in the audit profession in the audits of listed and other public interest entities, or a similar level role within the central functions of an audit firm.
* Strong technical understanding of audit processes and audit quality management mechanisms and systems.
* Understanding of our quality, competition, and growth agendas, and how these might influence our monitoring work.
* Strong written and oral communication skills, including drafting reports for publication.
* Strong analytical and critical review skills.
* Effective project and time management skills, and the ability to work with a reasonable degree of independence on long-term projects and identify where support and engagement are needed.
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