Aug 132020

Members of the Appointment Committee - Non-Executive Members (Ref: GL31) - The Financial Reporting Council Ltd

Recruiter: The Financial Reporting Council Ltd
Location: London (Greater) (GB)
Salary: £450 per day
Posted: 05 Aug 2020
Closes: 11 Sep 2020
Position/Level: Board
Responsibilities: Accounting, Legal
Sector: Financial Services
Contract Type: Voluntary / Trustee
Language: English

The Financial Reporting Council (FRC)’s mission is to serve the public interest by setting high standards of corporate governance, reporting and audit and holding to account those responsible for delivering them. We are] [is] the UK Competent Authority for audit. We also set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work, and monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about our role can be found at www.frc.org.uk.

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality.

The Role

The FRC has the authority to bring enforcement action against accountants, actuaries and accountancy firms through various procedures, including the Accountancy and Actuarial Schemes and the Audit Enforcement Procedure. Following an investigation, the Executive Counsel of the FRC may decide to refer a matter for a Hearing before a Tribunal under these procedures. A Tribunal of either three or five persons is then appointed from a Tribunal Panel. (The composition of the Tribunal is determined by the FRC’s Conduct Committee and the Convener.)

It is the role of the Appointment Committee to consider persons for appointment or reappointment as members of the Tribunal Panel, from which Tribunals can be formed. The Appointment Committee shall oversee the appointments procedure for members of the Panel, review applications, conduct interviews and appoint the best candidates based objectively on the enforcement procedures’ criteria and the candidate’s qualities, independence, qualifications and experience.

Responsibilities of members of the Enforcement Committee Panel

Under Section 11(2) of the Actuarial and Accountancy Schemes and in accordance with the AEP’s Tribunal and Appeal Panel Terms of Appointment, the Appointment Committee shall:

  • consider applications to the Tribunal Panel and shortlist for interview
  • conduct interviews
  • make appointments to the Tribunal Panel based objectively on the procedures’ appointment criteria and the candidate’s qualities, qualifications and experience
  • consider reappointments to the Tribunal Panel
  • consider the removal of a member from the Tribunal Panel if required

The Accountancy Scheme, Actuarial Scheme, the Audit Enforcement Procedure, Auditor Regulatory Sanctions Procedure and Crown Dependencies Recognised Auditor Regulatory Sanctions Procedure are available on the FRC website.

Candidate Requirements

We are looking for four members of the Appointments Committee that are:

  1. Independent from the FRC’s Conduct Committee; and
  2. Either
    1. a lawyer (whether judge, barrister or solicitor)
    2. a qualified, but non-practicing accountant
    3. a qualified, but non-practicing actuary

Terms and conditions

Enforcement Committees will be required to perform their functions on an ad hoc basis. They will be contacted by the Secretary of the Conduct Committee when a performance of their functions are required. Members will be offered a day rate of £450 (hourly rate of £69) when asked to carry out one of the Committee’s functions and will be reimbursed for reasonable expenses incurred in performing the duties. Members will be required to comply with the FRC Code of Conduct.

How to Apply

Applications should be sent by email to: [email protected] no later than noon on Friday 11 September 2020. Please quote reference GL031.

Candidates should provide a CV and short covering letter which should quote the reference number and explain why they are interested in the appointment and how they meet the candidate requirements detailed above. Shortlisted candidates will be asked to provide details of two referees.

Non-executive appointments to FRC committees are based on merit and with full regard to the benefits of diversity.

Selection process

The timetable is as follows:

  • Closing date for applications – noon on Friday 11 September 2020
  • Interviews for short-listed candidates – week commencing 21 September 2020
  • Appointment offer – October 2020
  • Appointment start date– October 2020

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