Blog

Overview

Reporting primarily to an Audit Manager but also directly to an Audit Partner as required, the Audit Senior will work on such clients as they are assigned in the audit team Work Planner, including but not limited to, audits, accounts preparations and management accounts, as well as any other work from time to time which may reasonably be considered part of the role.

Key responsibilities and duties:

Audit

• Extract a trial balance from Sage or Xero (or other bookkeeping software) and prepare draft accounts on CCH (or other software as appropriate).
• Update any notes to the accounts and assess that the necessary disclosures have been made in accordance with the applicable accounting standards.
• Perform an audit risk analysis specific to the client with reference to the client’s activity in the year, the industry in which they operate, regulatory environments if applicable, and any other matters which may impact audit risk.
• Perform preliminary analytical procedures on the draft accounts and identify how we plan to test the various audit assertions. Calculate materiality and use this to calculate sample sizes.
• Ensure that the planning section of Audit Automation reflects all planning considerations and discussions, and is appropriately signed off.
• Liaise with AH CT department around the collection of information on tax-sensitive categories, and regarding a draft CT provision for the accounts.
• Co-ordinate work within audit team on assignments requiring more than one auditor to complete the work.
• Carry out audit tests which may involve, but is not limited to, physical inspection of assets, review of documents and requesting third party confirmations, and document the evidence in support of conclusions to each audit test.
• Post adjusted journals for any errors identified which are in excess of materiality, or otherwise considered necessary to adjust for.
• Ensure that results and conclusions of audit work are documented in Audit Automation fieldwork section, and is fully signed off.
• List out any unadjusted journals separately during the course of the audit, to be provided to the client once the assignment has come to its conclusion.
• Prepare a list of points for Audit Manager and points for Audit Partner to highlight key issues to the intended reviewer of the file.
• Prepare a schedule of audit highlights summarising the key points for each section of the file.
• Prepare a schedule of points forward to next year for any matters which we will to be brought to our attention in the following year.
• Review the completed accounts and ensure compliance with all necessary disclosures as required by accounting standards, including completion of a disclosure checklist where considered necessary.
• Research accounting or tax issues as and when required, and document the research with references.
• Review current processes and provide recommendations to enhance company policies and procedures to be included in a letter to management.
• Prepare a letter to management and letter of representation for each audit.
• Ensure Audit Automation completion section has been fully completed and signed off.

Accounts

• Extract a trial balance from Sage or Xero (or other bookkeeping software) and prepare draft accounts on CCH (or other software as appropriate).
• Prepare consolidation workings where appropriate.
• Prepare a cashbook analysis where appropriate.
• Update any notes to the accounts and assess that the necessary disclosures have been made in accordance with the applicable accounting standards.
• Perform analytical procedures on the draft trial balance to identify items meriting close attention.
• Undertake analysis or reconciliations as required on items such as (but not limited to):
  • Fixed assets
  • Listed investments
  • VAT
  • Wages & salaries
• Prepare a draft tax computation.
• Liaise with the client or client’s bookkeeper to resolve any queries arising during the course of the accounts preparation.
• Prepare a list of points for Audit Manager and points for Audit Partner to highlight key issues to the intended reviewer of the file.
• Review the completed accounts and ensure compliance with all necessary disclosures as required by accounting standards.
• Accurate completion of budgets to reflect actual time spent, where budgets are prepared.

Systems

• You will be required to become familiar with the following during the course of your work: Sage, Xero, Quickbooks and CCH including Accounts Production and Audit Automation, and any similar software a client may use to maintain their accounting records.

Compliance

• Review the compliance of the business with all relevant internal requirements, industry regulations and government legislation.

Fraud

• Although not engaged to identify potential instances of fraud, if you come across any information which appears to be indicate fraudulent activity, to notify the firm’s MLRO.

If this position is of interest to you, please send your CV and a covering letter to Samantha.wood@arnoldhill.co.uk