Overview

Reporting primarily to an Audit Manager but also directly to an Audit Partner and Audit Senior as required, the Audit Junior 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:

Over the course of the year the audit junior will be asked to work on both audit and accounts work the amount of each may vary and depend on the time of year.

General

The majority of these tasks we do not expect the audit junior to have experience of prior to joining the firm but will be learnt on the job either through support of the audit seniors or audit managers, and supported through the ACA exam knowledge learnt.

Audit

  • Work on different types of audits such as Statutory, Service Charge, Independent examinations, Charity audits and SRAs.
  • Extract a trial balance from CCH Accounts Production (other software as appropriate) to CCH Audit Automation (or other software as appropriate).
  • Assist Audit Senior 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.
  • Perform preliminary analytical procedures on the draft accounts.
  • 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.
  • 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.
  • Draft a letter to management and letter of representation for each audit.
  • Liaise with clients for the duration of the audit to gain relevant and necessary information, including explanations for any queries arising.
  • Perform audits outside of the office as and when required, occasionally auditors will be required to stay overnight when audits are outside of London.
  • Ensure any Audit Automation completion sections that have been completed are signed off.
  • Liaise with audit software provider if there is any issue with the software
  • Scan, upload and safely store confidential client information
  • Accurately complete budgets to reflect actual time spent, where applicable.

Accounts

  • Prepare accounts for different types of entities such as Companies, Groups, Service Charge, Charity, Pension scheme and LLPs under FRS 102, FRS 105, IFRS.
  • Extracting a trial balance from Sage or Xero (or other bookkeeping software) and prepare draft accounts within Microsoft Word and 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.
  • Prepare a cashbook analysis where appropriate.
  • Prepare management accounts
  • Create a Working Paper using Microsoft Excel for the basis of the Accounts and Audit work
  • Prepare notes to the accounts based on the previous year and develop an understanding of the necessary disclosures needed in accordance with the applicable accounting standards.
  • Undertake analysis or reconciliations in accounts working papers as required on items such as (but not limited to):
    • Fixed assets
    • Listed investments
    • VAT
    • Wages & salaries
    • Opening balances
    • Accruals
  • Run reports for different nominals for each section of the working paper for the relevant period to view all transactions that occurred
  • Roll forwards Excel Working Papers, Microsoft Word accounts and CCH accounts
  • Complete an Analytical Review on information collected and analyse significant changes during the period.
  • Use Companies House to document client statutory information
  • Prepare a draft tax computation and use HMRC to access tax information to prepare tax reconciliations for the period.
  • Accurate completion of budgets to reflect actual time spent, where applicable.
  • Liaise with the bookkeeper 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.

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.
  • Liaise with team members using both Microsoft Teams and Zoom

Compliance

  • Ensure all client information is kept confidential and stored and transported in a secure way.
  • Ensure forms like AH KYC, ID and Risk assessment are filled in periodically.

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.

Training

  • Where unsure of how to complete any tasks outlined above, seek assistance from an Audit Senior or Audit Manager in a timely manner.

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