AQR Associate Inspector in London

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.
• Leading or contributing to roundtable discussions with firms.
• Conducting audit file inspections, focusing on UK listed entities audited by firms which have a PIE Audit registration.
• Participating in larger and higher risk audits by supporting other members of the AQR team in their inspections.
• Participating 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.
• Assisting with reviewing firms’ systems of quality management by reviewing firms’ risk assessments, responses, and monitoring activities across the ISQM components.

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 Person

An accountancy qualification coupled with membership of ICAEW, ACCA, ICAS or ICAI (or equivalent) is 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.