Aug 012016

Audit Quality Review Committee - Non-Executive Member GL015

Financial-Reporting-Council_frc_carouselimageThe FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We are the UK Competent Authority for audit and set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent enforcement arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

The Role

The FRC seeks to appoint a Non-Executive Member to its Audit Quality Review Committee (AQRC). The AQRC helps ensure the consistency and quality of the FRC’s audit monitoring work and reports to the Conduct Committee on its activities and proceedings.

Responsibilities of the Committee

The Committees responsibilities include:

  • Providing advice to the Executive in respect of the inspection review grade for individual audit engagements and the letter summarising the key findings from a review of an individual audit engagement.
  • Taking steps delegated to the AQR Committee under the Auditor Regulatory Sanctions Procedure and the Crown Dependencies Recognised Auditor Regulatory Sanctions Procedure including considering whether there is an indication that a Registered Auditor / Recognised Auditor has failed to comply with the Regulatory Framework for Auditing.
  • Agreeing audit monitoring public reports on individual firms.
  • Reviewing any other draft audit inspection reports referred by the Executive.
  • Recommending to the Conduct Committee any draft report setting out key findings from the FRC’s audit inspection activities.
  • If appropriate, referring any matter to the Conduct Committee or Case Examiner, as applicable, to consider action under one of the FRC’s disciplinary schemes or enforcement procedures.
  • Performing any other functions as shall be determined by the Conduct Committee from time to time.

The Terms of Reference and membership information for the Committee are available on the FRC website. The AQRC is chaired by David Cannon who is also a member of the FRC Conduct Committee.

Candidate Requirements Successful candidates will have a strong, financial background and the reputation and credibility to develop relationships and command respect with the business and financial community as well as with Government, other regulatory agencies and the wider public. We would particularly welcome applications from experienced investors

Ideal Characteristics

  • Strong intellectual qualities and sound judgement with the ability to communicate the relevance to investors and their expectations of high quality audit
  • Strong ethics aligned closely to the FRC’s values of creating a framework that encourages trustworthy behaviour by directors and professionals and engagement with them by investors; and to encourage companies to produce trustworthy information that contributes to informed decisions.
  • Ability to deal skilfully with competing views.

Terms and conditions

  • The expected time commitment is up to 2 days per month.
  • Appropriate remuneration will be offered and the reasonable expenses incurred in performing the duties of the appointment will be reimbursed.
  • Members will be required to comply with the FRC Code of Conduct.
  • Members will be expected to attend appropriate training, including induction

Selection Process

The timetable is as follows:

  • Noon on Wednesday 31 August - Closing date for applications
  • Mid-late September - Interviews for short-listed candidates
  • October - Appointment offers
  • January 2017 - Appointment start date

How to Apply

Applications should be sent by email to Please quote reference GL015 in the subject line.

Candidates should provide a CV and covering letter which should explain why they are interested in the appointment and how they meet the candidate requirements detailed above. Should the application proceed to the final stage candidates will be asked to provide details of two referees

2017 meeting dates

Tues 17 Jan

Tues 14 Feb

Tues 14 March

Tues 25 April

Tues 23 May

Tues 20 June

July date – tbc

Thurs 14 Sept

Tues 10 Oct

Tues 14 Nov

Tues 12 Dec (All meetings are 10am - 1pm)

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