Supervisor (Audit Firm Supervision) in Birmingham

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.

Audit Firm Supervision (AFS) is one of the supervisory teams and works closely with the Audit Quality Review and Audit Market Supervision teams at the FRC. AFS is responsible for our overall supervision of the firms, drawing together the results of work undertaken across 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 largest firms and a detailed private supervisory letter setting out key priority risk areas and 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 successful candidate will supervise some of the largest UK audit firms, including being the main point of contact with senior partners and staff at those firms. Supervisors oversee the FRC’s monitoring of the firm’s actions to improve audit quality and meet ethical requirements.

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. They will lead significant elements of the regulation of audit for a portfolio of PIE audit firms.

The Supervisor role involves responsibility for supervision of PIE audit firms including:

• Building on the FRC’s audit supervisory strategy with an emphasis on forward‑looking audit supervision.
• Developing a breadth and depth of understanding of your portfolio of audit firms with a focus on the identification of key risks and audit priorities. This should be evidence‑based and responsive to changes within the firm and the external audit market.
• The identification and assessment of the risks at the firms includes the extent to which these correlate to the firms’ audit quality priorities and audit strategy.
• Leading the FRC’s relationship with the firm for audit and regulatory matters.
• Building constructive and professional relationships with the firm’s senior management in an environment which can be challenging.
• Monitoring the effectiveness of, and challenging the firm’s responses and approach to, audit quality matters.
• Joining up on all FRC matters relevant to the firm so that a holistic approach can be taken.
• Playing an active role on decisions on PIE auditor registration, the constructive engagement process and outcomes and monitoring of non‑financial sanctions.
• Leading the production of the annual supervisory letter and the annual public reporting for the firm, with input from other parts of the FRC.

The Person:

Significant experience in either audit, audit regulation, or regulation and supervision in another sector.

The ideal candidate will have:

• An excellent 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.
• Experience of leading highly effective inspection and/or supervision teams.
• Excellent risk assessment, analytical and problem‑solving skills enabling information to be quickly evaluated and an ability to see the bigger picture and identify what is really important.
• Proven ability to think strategically and provide innovative solutions.
• 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 critically assessing and challenging the sufficiency and appropriateness of firms’ actions with an emphasis on forward looking supervision and initiatives.
• Strong interpersonal skills, able to quickly establish credibility and influence at senior levels at the audit firms. Ability to deal with difficult situations in a robust but proportionate manner while maintaining professional working relationships.
• Exceptional report writing and oral communications skills, able to express issues in a clear, balanced and concise manner.
• Experience of line managing professional staff and commitment to supporting the development of others in the team.

Please apply by following the link our website here and uploading a copy of your CV and covering letter as a single document upload. In the covering letter, please set out, by reference to the person specification above how you meet the required skillset.

Rewards and benefits

The FRC offers remuneration packages, including 30 days annual leave, ability to buy extra leave. Generous employer pension contribution of 10%. Staff Employee Assistance Programme including 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.