Financial Services Group
Whilst the Financial Services Group is biased towards the London insurance market, involving a significant amount of statutory audit work for Lloyd’s syndicates, capital providers, agency groups, insurance companies and brokers, you could also be involved in auditing fund managers, venture capitalists and hedge fund managers. Coupled with the wealth of special assignments we are involved in, including corporate finance reporting, litigation support, due diligence investigations and internal audit reviews, working in the Financial Services Group will provide you with a diverse range of experience, a busy timetable and high degree of responsibility.
Purpose and Aim of the Job
- To begin to develop a knowledge of accounting and auditing techniques and show commitment to passing the professional examinations.
- To begin to develop an understanding of the insurance (and other FS) sectors and the associated accounting and auditing issues.
Job Duties and Responsibilities
- Undertake the work allocated by the assignment leader.
- Keep the assignment leader informed about progress at daily meetings.
- Ensure attendance at briefing meetings and understand the audit plan.
- Complete the work within budget for each area.
- Adopt high professional standards with a business-like approach to work.
- Develop a comprehensive working knowledge of double entry book keeping.
- Be able to obtain and document effective audit evidence including that relating to Corporation and Indirect taxes, to include the following:
- Fixed assets section (complete)
- Investments section
- Bank section (complete)
- Understand & document accounting systems and complete systems testing including insurance transaction systems/processes
- Profit and loss analysis – with attention to tax requirement.
- Develop a basic knowledge of current accounting standards.
- Develop a basic knowledge of the laws and regulations affecting FS clients including Lloyd’s/FSA regulations and client money rules.
- Pass relevant professional examinations first time.
- Complete the required CII study exams.
- Be able to advise on basic accounting issues.
- Be aware of Institute and internal ethical guidelines.
- To accept responsibility for all work performed.
Responsibilities or Involvement in Management
- To promote the firm.
- To complete appraisals in accordance with procedure
Communication and Business Relationships required
- Effective internal communication – both oral and written – with:
- Assignment Leaders
- Other Audit Staff
- Effective external communication with clients.
Job Knowledge Required
- Attend training courses as appropriate.
- Possess core IT skills, including Pro Audit & CaseWare.
- Read insurance press
What you should expect from others
- Detailed briefing from Assignment Leader/Manager.
- Day-to-day support and on the job training.
- Face to face feedback.
- Daily on site progress updates.
- Guidance in planning work to complete it on time and within budget.
- Review of work completed and feedback on progress.
- Detailed briefing.
- Ongoing support and guidance.
- On the job training
- Prompt response to queries
- On site reviews
- On site reviews