AQR Associate Inspector

Audit Quality Review (AQR) is made up of suitably qualified and skilled staff with previous audit experience, including sector and IT specialists. It undertakes inspections monitoring the quality of Public Interest Entity (PIE) audits, specifically those for UK listed entities. AQR also performs full scope inspections of the National Audit Office, third-country audits, and certain Crown Dependency audit firms. Staff participate in the monitoring activity performed by the Audit Market Supervision (AMS) team, particularly in the areas of inspection of firms’ systems of quality management (under ISQM1).

As a member of the AQR team, successful candidates will participate in reviews of audits conducted by the large audit firms, demonstrating their technical experience and personal skills in dealing with senior partners and staff at those firms. You may also need to work in the Scalebox team, which provides targeted support to audit firms with smaller PIE audit portfolios, as well as those looking to enter the PIE audit market. The team works alongside the FRC’s formal supervision activities, acting as a partner and facilitator to help firms understand regulatory expectations and improve audit quality.

Your responsibilities could include reviewing firms’ audit files or systems of quality management and providing practical, constructive feedback. You may also lead or contribute to roundtable discussions with firms.

The role provides an insight into how the major firms operate and how they are responding to current issues in the profession and changes in regulatory requirements. Successful candidates will also have the satisfaction of being able to influence the practices and procedures of the major audit firms to enhance quality.

The successful candidate will:

• Conduct audit file inspections, focusing on UK listed entities audited by firms which have a PIE Audit registration. File inspections work on smaller/lower risk entities will include analysis of audit workpapers, information gathering through informal and formal questioning of the audit team, discussion with the audit firm of potential issues identified, and conclude with final written reporting.
• Participate in larger and higher risk audits by supporting other members of the AQR team in their inspections.
• Participate in other inspection activity working with other team members, such as follow-up reviews and thematics – both at a whole firm and specific firm level.
• Assist with reviewing firms’ systems of quality management by reviewing firms’ risk assessments, responses, and monitoring activities across the ISQM components, with the assistance of other inspection team members.

The Person

An accountancy qualification coupled with membership of ICAEW, ACCA, ICAS or ICAI (or equivalent) are required, as well as experience at least at Audit Manager/Assistant Manager level in the external audit profession, or experience of risk management, internal audit or in another regulatory field.

The ideal candidate will have:

• A demonstrable interest in an audit firm’s audit quality initiatives and systems of quality management (ISQM1).
• Post qualification experience in the audits of large entities or groups.
• Broad business knowledge and interests to facilitate working across multiple sectors.
• Ability to understand and assess significant volumes of information quickly and identify aspects of potential audit quality concern.
• Ability to build constructive and professional relationships with senior audit team and audit firm personnel.
• Ability to challenge the judgements made and quality of work performed by audit teams authoritatively, and to present and discuss issues arising on their merits in a calm and professional manner.
• Strong written and oral communication skills including report drafting, presenting AQR findings accurately, fairly and convincingly.
• Enthusiasm to work collaboratively with AQR and other FRC colleagues.
• Effective project and time management skills.
• Ability, with coaching and shadowing, to challenge the quality of firmwide policies and procedures at the audit firms.

Rewards and benefits

The FRC offers remuneration packages, including 30 days annual leave, ability to buy extra leave, and a generous employer pension contribution of 10%. Staff Employee Assistance Programme includes confidential counselling and work-life services. The FRC offers staff the opportunity to save at least 25% on the purchase of a new bike through the Cycle to work scheme. The FRC has a strong work/life balance ethos.