System of Quality Management

Financial Reporting Council

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    22 June 2024
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System of Quality Management - Inspector (10289)

The Financial Reporting Council (FRC) 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 audit.  We also set the UK Corporate Governance and Stewardship Codes as well as 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. Further information about our role can be found at

Job Description

Audit Market Supervision (AMS) takes a cross-market approach to areas of importance to audit quality and firm resilience, assessing the effectiveness of the audit firms’ arrangements in the following areas:

- Audit firms’ systems of quality management
- Governance and leadership
- Culture and conduct
- Risk and resilience 
- Operational separation

Staff have a range of backgrounds (governance, culture, risk management, internal audit, regulation, and audit) representing the broad subject matter within the team’s remit.

The AMS Director is seeking to appoint an inspector to perform firmwide and thematic review work. This exciting opportunity will also allow the individual to input into strategic decisions on the nature of our firmwide procedures as we adapt our inspection approach to reflect changes introduced in ISQM (UK) 1 and ISQM (UK) 2. The role will report into the AMS Head of Systems of Quality Management.

The Role involves:

- performing firm-wide and thematic review work, both independently and with the assistance of other inspection team members.
- identifying key findings from our inspection activities and presenting effectively (both in writing and orally) to the audit firms to achieve change.
- contributing to the management of the AMS relationships with the firms.
- contributing to the development and implementation of an inspection approach of the Quality Management standards (ISQM (UK) 1 and ISQM (UK) 2), for both the largest audit firms and smaller PIE audit firms.

The Person:

A degree and/or professional qualification, as well as experience working in professional services, risk management or a regulatory field are required. The ideal candidates will have:

- Chartered Accountant qualification (or similar) 
- Experience at senior manager level or above in the audit profession in the audits of listed and other public interest entities, or a similar level role within the central functions of an audit firm. Or significant prior experience in audit regulation.      
- Strong technical auditing and accounting skills.
- Strong written and oral communication skills.
- Strong analytical skills to process and identify themes from large volume of complex information.
- General understanding of the audit regulatory environment in the UK
- Ability to challenge the quality of firmwide policies and procedures at the audit firms. 
- Effective project and time management skills to complete inspection work within the timetable set.

Please apply by following the link our website 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.

- How you meet the required skillset
- confirm that you have the right to work in the UK, and
- tell us where you heard about this job

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.

The FRC believes that equality of opportunity and diversity is important in the work that we do and we are strongly committed to being an inclusive employer. Our values of being fair and independent supports this commitment. We're a signatory to the Government's Disability Confident scheme, which means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.

Equal opportunities monitoring is an important means of demonstrating and implementing our commitment to promoting equality of opportunity and diversity. Completing our diversity form will assist the FRC to identify any barriers that prevent access to employment and career development for certain groups of people, and to develop solutions, such as action plans, new policies and practices.

The role is based in our central Birmingham office. The post holder should be able to work flexibly to support the team’s activities and also provide cover within the FRC as necessary. The FRC operates a hybrid working arrangement with its workforce, with precise arrangements to be agreed between the employee and the line manager. FRC operates a four-day fortnight in the office.
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