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Exec Appointments
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London, Greater London
Director of Audit Market Supervision and Director of Audit Inspection and Supervision
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Job Type: Full-time |
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Overview
The mission of the Financial Reporting Council (FRC) is to promote transparency and integrity in business. These are cornerstones to generating public trust and confidence in UK business and help attract investment in successful companies that provide jobs, create prosperity and generate economic growth. The FRC sets the UK Corporate Governance & Stewardship Codes which aim to make investors more accountable to their clients and beneficiaries. It also sets standards for accounting, auditing and actuarial work. As the UK's independent regulator and the UK statutory audit regulator for Audit it monitors, and takes action where necessary, to promote the quality of corporate reporting and audit. It also operates independent enforcement arrangements for accountants and actuaries. Following the publication of the Independent Review by Sir John Kingman, the FRC will be going through a period of significant change as the recommendations are implemented and a new regulator is created. As part of the organisation’s transformation, the Supervision Division is being restructured with a number of new roles. Director of Audit Inspection and Supervision - 2003-056L The Director of Audit Inspection and Supervision will be responsible for delivering the supervision of audit firms and the FRC’s programme of audit inspections with the objectives of high-quality audit and audit market resilience; key elements of FRC’s statutory responsibilities as the UK’s statutory audit regulator for audit. As part of delivering effective forward-looking supervision of major audit firms, he/she will form a view on their audit quality, the steps needed to improve it and the risks they pose to audit market resilience; whilst prioritising and communicating the actions required of firms and holding them accountable for delivery. He/she will successfully manage the delivery of the FRC’s annual inspections of a sample of audits of public interest entities and certain other entities, including local public bodies, ensuring appropriate selection criteria for audits that balance risk and coverage. Director of Audit Market Supervision - 2003-055L The Director of Audit Market Supervision will lead the FRC’s thematic work across audit firms on supervision of audit quality and audit market resilience; a key element of FRC’s statutory responsibilities as the UK’s statutory audit regulator for audit and a recommendation of the Kingman Review. He/she will design and deliver work across audit firms to mitigate risks to audit quality and market resilience by assessing and improving firms’ systems of audit quality control, as well as financial resilience, recovery planning, risk management and culture. He/she will develop and apply the Audit Firm Governance Code. The Director of Audit Market Supervision will also be responsible for implementing reforms to audit market structure, including operational separation of audit practices. The FRC has retained Russell Reynolds Associates to advise on these appointments. For further information about the positions, including the performance and personal competencies required for each of them, please visit: www.rraresponses.com The FRC believes that equality of opportunity and diversity is important in the work that it does and is strongly committed to being an inclusive employer. The organisation’s values of being fair and independent supports this commitment. Applications from job seekers who require Tier 2 sponsorship to work in the UK are welcome and will be considered alongside all other applications. Please state if you require sponsorship. The closing date for applications is 23:59 on Wednesday 22 April 2020.