Afs Project Leader Supervisor Team Job In Location Na

The Financial Reporting Council (FRC)’s mission is to serve the public interest by setting high standards of corporate governance, reporting and audit and holding to account those responsible for delivering them. We are the UK Competent Authority for statutory audit. We also set the UK Corporate Governance and Stewardship Codes as well as the UK standards for accounting, auditing and actuarial work, and monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about our role can be found at www.frc.org.uk.

Audit Firm Supervision (AFS) is one of three supervisory teams (the others being Audit Quality Review and Audit Market Supervision) at the FRC. AFS is responsible for our overall supervision of the firms, drawing together the results of work undertaken by the other two teams, as well as other areas of the FRC. The Supervisor team has a deep and broad understanding of the various audit quality initiatives being undertaken by the PIE (public interest entities) audit firms. It acts as a central point of contact both for the firm and within the FRC (for that firm) and is in frequent contact with the PIE audit firms, maintaining a detailed understanding of the firm and driving improvements in audit quality.

The Supervisor team has a forward-looking focus on identifying and prioritising what firms need to do to improve audit quality and holding them accountable for delivering it. Our work culminates in an annual public report on each of the six largest firms and a detailed private supervisory letter setting out the actions we expect that firm to take. We also produce a combined public report for the smaller PIE audit firms, as well as reporting privately.

The Role:

The role provides a unique insight into how the PIE audit firms operate and how they are responding to current issues in the profession and the changes in regulatory requirements. The successful candidate 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. The successful candidate will support and, at times and where appropriate, deputise for the Supervisors in respect of the day to day supervision of PIE audit firms, including.

• Developing an understanding of the firms’ audit quality priorities and audit strategy.
• Assessing the adequacy and effectiveness of audit quality plans and key audit quality initiatives.
• Contributing to the forward looking supervision strategy for the firms allocated.
• Obtaining and analysing evidence on audit quality and resilience matters from internal and external sources.
• Leading aspects of meetings with the firms.
• Managing a portfolio of non-financial sanctions across firms.
• Leading on constructive engagement into breaches by firms of auditing requirements (under the FRC’s Audit Enforcement Procedure or other disciplinary schemes), handling complex cases, developing remedial actions, and ensuring that these are adequately undertaken.
• Liaising with internal specialist teams, including the PIE Auditor Registration team, providing input into and assessing their conclusions or feedback to firms and providing input into monitoring related conditions or undertakings.
• Contributing to the development and growth of the AFS team, and the wider Supervision Division.

The Person:

This role will suit a highly motivated individual with experience working in the audit and/or regulatory sector. The ideal candidate will have:

• A good 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, and draw out themes and conclusions.
• Strong ‘joining-up’ skills ensuring that FRC information is pulled together, assessed and shared in a highly effective manner so that a ‘one regulator’ approach can be taken.
• Experience of assessing and challenging the sufficiency and appropriateness of firms’ actions.
• Skilled at identifying risks/concerns and understanding when to escalate risks and making proportionate decisions to mitigate them.
• Strong interpersonal skills, able to quickly establish credibility and work effectively at senior levels.
• Ability to deal with difficult situations in a robust but proportionate manner while maintaining professional working relationships in challenging and potentially confrontational environments.
• Strong report writing and oral communications skills, able to express issues in a clear, balanced and concise manner.

The role is based in either our Central London Office or Central Birmingham office, per the post holder's preference.The post holder should be able to work flexibly to support the team’s activities and also provide cover within the FRC as necessary. The FRC operates a hybrid working arrangement with its workforce, with precise arrangements to be agreed between the employee and the line manager. FRC operates a four-day fortnight in the office.