Senior Audit Associate

London, England, United Kingdom

11/21/2024

Overview of Firm

PKF is the 12th largest accountancy brand and the 12th largest audit practice in the UK. We are also an active member of PKF Global, an international network of legally independent accounting firms that gives us an on the ground presence in 150 countries around the world with access to more than 20,000 people across 440 offices globally.

We provide a full range of audit, accountancy, tax and advisory services, and are experts at simplifying complexity. We are particularly well-known for working with complex clients with challenging issues in fast-moving and highly technical areas, such as the insurance industry, the global capital markets and the not for profit sector. Our aim is to understand people, the organisations they run, and what matters to them, so we can simplify complexity and help them achieve their ambitions.

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Introduction to the Division

Financial Services

Our financial services (‘FS’) practice supports clients across numerous sub-sectors, including insurance, wealth and asset management, consumer credit and payment services.

We have been a trusted auditor and adviser to the UK insurance industry for over 150 years and have one of the largest and most experienced teams of insurance experts within the accountancy profession. Established initially as a Lloyd’s practice, our clients now span the entire insurance market – from Syndicates and managing agents to insurance companies, brokers and MGAs writing a diverse range of general, life and health risks.

We have one of the largest FS audit teams outside of the Big 4 with over 150 audit partners and staff dedicated to supporting the sector. We leverage our deep industry expertise to protect our clients’ reputations as well as our own, helping them to improve their processes and controls, manage risks and achieve business growth.

Responsibilities

Main Duties and Responsibilities

Purpose and Aim of Job

• To ensure all work undertaken is done so in accordance with the firm’s procedures.
• To be responsible for the day-to-day operation of each audit assignment.
• To provide on the job training to more junior members of the firm.
  
  

Job Duties And Responsibilities

• Accept responsibility for all work performed.
• Attend pre-audit discussions with partner and manager.
• Plan audit assignments with the assistance of the audit partner and manager.
• Ensure an adequate briefing is held and other members of staff are briefed in detail.
• Ensure that the work undertaken on site is in accordance with the approved plan and budget.
• Review the work of more junior staff on each assignment and provide feedback to them.
• Hold daily team meetings to assess progress.
• Advise the audit manager of progress on the job and any developments that may lead to a change in strategy on a daily basis.
• Suggest logical solutions to problems.
• Complete the audit file and pass the complete file for review to the manager subject only to key points raised for the manager’s attention, to include the following:
• All audit assignments – complete file (withdrawn supervision)
• Planning/closing
• Intangible fixed assets
• Trade debtors
• Trade creditors
• Technical provisions
• Technical aspects of insurance transactions (premiums, claims, reinsurance)
• Investments
• Taxation
• Cash flow statements
• Group accounts and consolidations
• Inter-company reconciliations
• Reconciliation of profit
• Finalise financial statements
• Review juniors’ work and give feedback
• Have a sound knowledge of the laws and regulations affecting FS clients including Lloyd’s/FSA regulations, client money rules and Solvency 2.
• Significant involvement in the audit of regulatory returns including Lloyd’s and FSA returns.
• Specialist audit assignments – significant involvement in the execution of client money audits, internal audit and other ad hoc special work.
• Complete appraisals in accordance with the firm’s procedures.
• Respond to client concerns in an efficient and professional manner.
• Be able to provide sound advice to clients and demonstrate knowledge of business issues.
  

Person Specification

• Be commercially aware
• Computer literate
• Team player
• Good communication skills
• Flexibility
• Strong organisational skills.
• Systematic
• Enthusiastic
• Able to work on own initiative
• Good attention to detail
• Ability to prioritise workload
• Work to deadlines
• Ability to spot new business
• Initiative
• Problem solver
• Persuasive