At a Glance
- Tasks: Conduct audits and inspections to enhance quality in major audit firms.
- Company: Join a leading regulatory body focused on audit quality.
- Benefits: Gain valuable experience, competitive salary, and professional development opportunities.
- Other info: Collaborative team environment with opportunities for growth and learning.
- Why this job: Influence audit practices and make a real impact in the industry.
- Qualifications: Accountancy qualification and experience in external audit or risk management required.
The predicted salary is between 55000 - 65000 £ per year.
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 Public Interest Entity (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.
- 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.
- The role will also involve participation 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.
AQR Associate Inspector employer: The Endorsement Board
As an AQR Associate Inspector, you will join a dynamic team dedicated to enhancing audit quality within the UK’s Public Interest Entities. Our company fosters a collaborative work culture that values professional growth, offering opportunities to influence major audit practices while working alongside experienced sector specialists. With a commitment to employee development and a supportive environment, we ensure that our team members are equipped to excel in their roles and make a meaningful impact in the auditing profession.
StudySmarter Expert Advice🤫
We think this is how you could land AQR Associate Inspector
✨Tip Number 1
Network like a pro! Get out there and connect with professionals in the audit field. Attend industry events, webinars, or even local meetups. The more people you know, the better your chances of landing that AQR Associate Inspector role.
✨Tip Number 2
Show off your skills! Prepare for interviews by brushing up on your technical knowledge and understanding of ISQM1. Be ready to discuss your past experiences and how they relate to the role. Confidence is key, so practice makes perfect!
✨Tip Number 3
Tailor your approach! When you apply through our website, make sure to highlight your relevant experience in audit quality initiatives. Use specific examples that demonstrate your ability to assess audit quality and build relationships with senior staff.
✨Tip Number 4
Follow up after interviews! A quick thank-you email can go a long way. It shows your enthusiasm for the role and keeps you fresh in their minds. Plus, it’s a great opportunity to reiterate why you’re the perfect fit for the AQR team.
We think you need these skills to ace AQR Associate Inspector
Some tips for your application 🫡
Tailor Your CV:Make sure your CV reflects the skills and experiences that match the AQR Associate Inspector role. Highlight your audit experience, especially with UK listed entities, and any relevant qualifications. We want to see how you can bring value to our team!
Craft a Compelling Cover Letter:Your cover letter is your chance to shine! Use it to explain why you're passionate about audit quality and how your background aligns with our mission at StudySmarter. Be sure to mention any specific experiences that demonstrate your ability to influence audit practices.
Showcase Your Communication Skills:Strong written communication is key for this role. When drafting your application, ensure clarity and professionalism in your language. We love candidates who can present their thoughts convincingly, so don’t shy away from showcasing your report drafting skills!
Apply Through Our Website:We encourage you to apply directly through our website. It’s the best way to ensure your application gets into the right hands. Plus, you’ll find all the details you need about the role and our company culture there!
How to prepare for a job interview at The Endorsement Board
✨Know Your Audit Quality Inside Out
Make sure you brush up on the latest audit quality initiatives and systems of quality management, especially ISQM1. Familiarise yourself with how major firms operate and their responses to current regulatory changes. This knowledge will help you engage in meaningful discussions during the interview.
✨Showcase Your Technical Skills
Prepare to discuss your previous audit experience, particularly with large entities or groups. Be ready to provide examples of how you've assessed audit quality and managed risks. Highlight any specific instances where you challenged judgments made by audit teams, as this demonstrates your ability to maintain high standards.
✨Build Rapport with Interviewers
Since you'll be dealing with senior partners and staff, practice building professional relationships. During the interview, focus on your communication skills and how you can present findings convincingly. Remember, it's not just about what you say, but how you connect with them.
✨Demonstrate Your Project Management Skills
Be prepared to discuss how you manage your time and projects effectively. Share examples of how you've balanced multiple tasks or inspections in the past. This will show that you can handle the responsibilities of the AQR role while maintaining quality and efficiency.
