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For Companies At a Glance
- Tasks: Lead audit quality and compliance, ensuring top-notch standards and governance.
- Company: Join a dynamic firm focused on audit excellence and regulatory compliance.
- Benefits: Competitive salary, professional development, and a chance to shape the future of audit.
- Why this job: Make a significant impact in a PE-backed environment while enhancing audit quality.
- Qualifications: 15+ years in UK statutory audit with strong leadership and ethical judgement.
- Other info: Opportunity to work closely with Board and PE owners in a fast-paced setting.
The predicted salary is between 72000 - 108000 £ per year.
Role Purpose
To lead and strengthen the firm's audit quality, regulatory compliance, professional standards and anti-money laundering governance, ensuring the firm consistently meets the requirements of:
- ICAEW Practice Assurance and Audit Regulations
- FRC Ethical Standard and ISQM 1 & 2
- UK Companies Act 2006
- Money Laundering Regulations 2017 (as amended)
- PE ownership governance and risk expectations
The role will assume day-to-day ownership of audit quality, professional standards and AML oversight, materially reducing the workload currently carried by senior audit partners, while strengthening governance in a PE-backed environment.
Core Responsibilities
- Audit Quality & ISQM 1 & 2 Leadership
- Own, maintain and continuously improve the firm's ISQM 1 system of quality management, ISQM 2 engagement quality reviews, including:
- Quality risk assessment and responses
- Monitoring and remediation activities
- Root cause analysis and continuous improvement
- Design and oversee:
- Internal audit file reviews (hot and cold)
- Engagement Quality Control Review (EQCR) framework
- Annual audit quality monitoring plan
- Act as internal authority on:
- ISA application and interpretation
- Complex audit judgements
- Consistency of audit execution across partners and offices
- Regulatory & Practice Assurance Oversight (ICAEW / FRC)
- Lead preparation for and management of:
- ICAEW Practice Assurance visits
- Regulatory inspections and correspondence
- Remediation plans and follow-up actions
- Maintain firm-wide compliance with:
- ICAEW Audit Regulations
- FRC Ethical Standard (independence, NAS, fee dependency)
- CPD, competence and training requirements
- Act as senior escalation point for:
- File quality concerns
- Independence or ethics breaches
- Regulatory matters
- Independence, Ethics & Conflicts (including PE ownership)
- Own and operate the firm's:
- Independence and conflict identification framework
- PE-related conflict assessment and documentation
- Client acceptance and continuance governance
- Advise partners and leadership on:
- Permitted and prohibited services
- Safeguards, partner rotation and fee dependency
- PE-related conflicts and portfolio company considerations
- MLRO Responsibilities (AML Governance & Oversight)
- Act as the firm's Money Laundering Reporting Officer (MLRO) under the Money Laundering Regulations 2017.
- Own and maintain the firm's:
- Firm-wide AML Risk Assessment
- AML policies, procedures and controls
- AML governance and reporting framework
- Provide senior oversight of:
- Client onboarding and acceptance from an AML perspective
- High-risk clients, jurisdictions and services
- Ongoing monitoring and risk re-assessment
- Act as decision-maker for:
- Internal suspicious activity reports
- External SAR submissions to the NCA (where required)
- Maintain appropriate regulatory engagement with:
- FCA (AML supervision)
- Law enforcement (where applicable)
- Ensure the AML function is:
- Adequately resourced
- Supported by a Deputy MLRO and/or AML team
- Properly documented and inspection-ready
- Governance, Risk & PE Interface
- Act as senior professional standards and AML representative in a PE-backed firm, including:
- Audit quality and AML reporting to the Board and PE owners
- Supporting PE due diligence and ongoing governance reporting
- Maintaining regulatory credibility during growth and change
- Develop and maintain:
- Audit quality and AML risk registers
- Regulatory dashboards and KPIs
- Annual quality and AML reports to the Board
- Audit Methodology
- Own and enhance the firm's:
- Audit methodology, templates and guidance
- AML and independence documentation
- Client acceptance and risk assessment tools
- Partner Advisory & Challenge
- Provide senior challenge and support on:
- High-risk or complex audits
- New or regulatory-sensitive clients
- First-year and group audits
- Act as independent internal reviewer on:
- High-profile engagements
- Regulatory-exposed work
Candidate Profile
Essential Experience
- Senior audit professional with 15+ years experience in:
- UK statutory audit
- ICAEW-regulated environment
- Audit quality, compliance or professional standards
- ICAEW Practice Assurance inspections
- ISQM 1 & 2 operation and updates
- FRC Ethical Standard application
- AML governance and risk assessment
Desirable Experience
- Prior experience as:
- Audit partner or senior director
- Head of Audit Quality / Professional Standards
- MLRO or Deputy MLRO
- Ex-regulator or monitoring reviewer
Qualifications
- ICAEW ACA (or equivalent UK audit qualification)
- Current or previous Responsible Individual (RI) status desirable
- AML / MLRO training and experience strongly preferred
Personal Attributes
- Senior credibility and gravitas
- Independent mindset and strong ethical judgement
- Able to challenge partners constructively
- Calm under regulatory and inspection pressure
- Comfortable operating at Board and PE-owner level
Head of Audit Quality, Compliance, Professional Standards & MLRO employer: Permax Recruitment Limited
Contact Detail:
Permax Recruitment Limited Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Audit Quality, Compliance, Professional Standards & MLRO
✨Tip Number 1
Network like a pro! Reach out to your connections in the audit and compliance sectors. Attend industry events or webinars where you can meet potential employers and showcase your expertise. Remember, it’s all about who you know!
✨Tip Number 2
Prepare for interviews by brushing up on the latest regulations and standards in audit quality and AML governance. Be ready to discuss how you can lead and improve these areas in a PE-backed environment. Show them you’re the expert they need!
✨Tip Number 3
Don’t just apply; follow up! After submitting your application through our website, drop a quick email to express your enthusiasm for the role. It shows initiative and keeps you on their radar.
✨Tip Number 4
Practice makes perfect! Conduct mock interviews with friends or mentors to refine your answers and boost your confidence. Focus on articulating your experience with ISQM 1 & 2 and regulatory compliance clearly and concisely.
We think you need these skills to ace Head of Audit Quality, Compliance, Professional Standards & MLRO
Some tips for your application 🫡
Tailor Your CV: Make sure your CV is tailored to highlight your experience in audit quality, compliance, and AML governance. We want to see how your background aligns with the specific requirements of the Head of Audit Quality role.
Craft a Compelling Cover Letter: Your cover letter should tell us why you're the perfect fit for this role. Share your passion for audit quality and compliance, and don’t forget to mention any relevant achievements that showcase your expertise.
Showcase Relevant Experience: In your application, emphasise your experience with ICAEW Practice Assurance and ISQM standards. We’re looking for someone who can hit the ground running, so make sure we see your relevant skills front and centre.
Apply Through Our Website: We encourage you to apply through our website for a smoother process. It helps us keep track of applications and ensures you get all the updates directly from us!
How to prepare for a job interview at Permax Recruitment Limited
✨Know Your Regulations Inside Out
Make sure you’re well-versed in the ICAEW Practice Assurance, FRC Ethical Standards, and Money Laundering Regulations. Brush up on the latest updates and be ready to discuss how you’ve applied these in your previous roles.
✨Showcase Your Leadership Skills
As a Head of Audit Quality, you’ll need to demonstrate strong leadership. Prepare examples of how you’ve led teams through compliance challenges or improved audit quality in past positions. Highlight your ability to mentor and guide others.
✨Prepare for Scenario-Based Questions
Expect questions that assess your problem-solving skills in real-world situations. Think of specific instances where you had to make tough decisions regarding audit quality or compliance, and be ready to explain your thought process.
✨Demonstrate Your Ethical Judgement
Given the importance of ethics in this role, be prepared to discuss how you’ve handled ethical dilemmas in the past. Share your approach to maintaining independence and managing conflicts of interest, especially in a PE-backed environment.
