ISQM1 Lead - CBS Director/Partner - Permanent in London

ISQM1 Lead – Level 5 CBS Director/Partner 
 

EY UK has implemented ISQM1, the International Standard on Quality Management, which applies to all firms carrying out audits or reviews of financial statements, other assurance or related services engagements.  ISQM1 entails a more proactive and risk-based approach to managing quality at the firm level and, at its heart, is the System of Quality Management (SQM) which comprises the firm’s quality objectives, quality risks and responses (i.e. mitigants including controls).
 

The EY organization’s approach to ISQM1 builds upon our strong global integration and existing EY processes and controls designed to continuously improve and sustain audit quality. EY UK, along with other EY member firms who perform ISQM1 engagements, has recently completed its first SQM annual evaluation as of 30 June 2023.
 

A robust SQM is central to EY’s strategy. The reputation of our brand relies on the quality of the work that we do and having a system of quality management in place helps ensure quality output.  This role is therefore central to EY’s strategy and a key priority of the EY LLP Board.
 

Having implemented ISQM1, the firm is now looking to leverage and enhance the SQM in terms of efficiency and effectiveness, as well as draw insights that will help the firm to achieve its strategy and continue to deliver outstanding quality.
 

We have an established SQM team and are looking for an experienced person to be the firm’s SQM lead going forward.  
 

The successful applicant will obtain significant exposure at the highest level of the firm with this high-profile opportunity. The SQM Lead will work with the established governance structure which comprises committees of senior Partners across the firm, at both Leadership level and within service lines (for the UK Firm and for the UKI Region).  The successful applicant will form a significant network across senior Partners in all service lines as well as the Talent, Independence and Risk Management functions and across EY Global and EMEIA.  
 

The role will be based in CBS Risk Management under Jane Goldsmith, Managing Partner Risk Management, and will be responsible for a team of 13 people in the ongoing permanent team.  
 

The responsibilities of the role are as follows:

• Represent the UK firm and UKI Region on ISQM1 matters
• Provide strategic leadership to the SQM team in order to drive continuous improvement and to deliver a programme of increased efficiency and effectiveness
• Coordinate work with key stakeholder groups to ensure all components of the ISQM1 work are executed. This includes overseeing and coordinating the firm’s: 
  • design and implementation of the annual risk assessment process;
  • monitoring and remediation activities (e.g. completing monitoring activities as defined in the monitoring plan, undertaking iterative risk assessment exercises, monitoring of key quality risk indicators, planning and completing effectiveness testing on all key controls, root cause analysis on identified deficiencies, successful closure of quality improvement plans); and
  • governance activities including control certifications, senior leader attestations and the effective working of the SQM governance committees for the UK firm and UKI region
• Coordinate and lead the delivery of responses to the FRC on ISQM1 related matters (technical support will be available if required)
• Maintain and ensure the accuracy of the SQM documentation (including archiving)
• Ensure use of the Global SQM toolset.  Design, implement and run local tooling as required (as enhancements to Global toolset functionality)
• Ensure that the firm reaches an annual evaluation conclusion on the SQM and that this is appropriately discussed, reviewed and approved through SQM governance.  Report the conclusion to various bodies and be responsible for relevant sections of the UK firm’s Transparency Report. 

Experience and attributes and other considerations 

• Understands (or can quickly gain a comprehensive understanding of) the requirements of ISQM1, including application and explanatory material, and its objectives and how to apply the ISQM1 requirements properly.  Demonstrate a strategic vision for ISQM1
• Experience and knowledge of the firm’s SQM with influence and authority (i.e., to drive the design, implementation and operation of the SQM across multiple functions and Service Lines), and sufficient time, to fulfill his/her assigned SQM responsibilities (i.e., senior executive/leader in the firm) 
• Understand EY and specifically how the UK firm  is structured and fits into the EY regional structure
• Excellent people and supervisory skills in leading diverse and inclusive teams
• Strong interpersonal and communication skills 
• Ability to convey complex matters clearly to all stakeholders 
• Ability to work effectively with firm leadership in all service lines
• Respected as an individual who inspires, leads and drives meaningful change, including process improvements, as part of our continuous improvement in quality
• Sound risk management skills; exercises excellent judgment
• Ideally experience of working in a regulated environment and  dealing with regulators (including writing responses to informal and formal queries).

Working arrangements:
The ISQM1 team comprises individuals working out of different offices throughout the UK.  The SQM Lead will need to adopt a hybrid working plan for the team involving some time collectively in the office and some remote working.

What we offer
We offer a competitive remuneration package where you’ll be rewarded for your individual and team performance. Our comprehensive Total Rewards package includes support for flexible working and career development, and with MyReward you can select benefits that suit your needs, covering holidays, health and well-being, insurance, savings and a wide range of discounts, offers and promotions. Plus, we offer:

• Continuous learning: You’ll develop the mindset and skills to navigate whatever comes next.
• Success as defined by you: We’ll provide the tools and flexibility, so you can make a meaningful impact, your way.
• Transformative leadership: We’ll give you the insights, coaching and confidence to be the leader the world needs.
• Diverse and inclusive culture: You’ll be embraced for who you are and empowered to use your voice to help others find theirs.

Please note
Prior to finalizing your application, you will be asked to provide personal information across several dimensions of diversity and inclusiveness. The information you provide is kept entirely confidential and will not be used to evaluate your candidacy. We collect this data to help us analyse our recruitment process holistically and implement actions that promote diversity and inclusiveness. While optional, we encourage you to provide this information to hold us accountable towards our goal of building a better working world. Read more about our commitment to diversity & inclusiveness here. We ask because it matters! 

If you can demonstrate that you meet the criteria above, please contact us as soon as possible.
 

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