Audit Senior - Channel Islands

JOB DESCRIPTION DETAILS

PRIMARY DUTIES & RESPONSIBILITIES

Performance of statutory audits of regulated insurance entities in line with the following key laws and regulations:

1. The Insurance Business Law, 2002

2. The Insurance Business Rules and Guidance, 2021

3. The Companies (Guernsey) Law, 2008

    

• Undertakes pre-audit scoping and preparation, identifying audit risks and performing preliminary evaluation of client’s internal control structure to identify weaknesses and areas for management consideration and improvement and endeavours to exceed client expectations. 

• Carries out audit planning procedures including the design of audit tests using the firm’s audit methodology ensuring that key matters not identified at the planning stage are brought to the attention of the client management team and assists with assessment. 

• Completes audit file to a high standard which meets set reporting and auditing standards, clearly highlighting issues and providing potential solutions.  Ensures audit work is undertaken with integrity, competence, objectivity and confidentiality. 

• Prepares financial statements, where applicable, or reviews client-prepared financial statement and other management reports. 

• Builds and maintains good client relationships, keeping up-to-date with significant changes in client affairs, to ensure client retention and growth. 

• Responsible for on-site management and supervision of junior team members, providing on-the-job coaching to support their on-going development. Conducts staff performance evaluations at the end of assignments, providing constructive feedback. Recommends training where relevant and takes appropriate action when technical and professional expertise of team members is not at the required level. 

• Monitors own WIP and ensures a positive contribution is made to departmental billing. 

• Acts as an ambassador of the firm, building relationships and promoting the firm at every opportunity to facilitate new business opportunities. 

QUALIFICATIONS

General

• Fully understands the role and function of audit for a large range of different entities, in particular financial service clients and has a good understanding of audit techniques including planning, interviewing, documentation, testing, conclusions and reporting. 

• Possesses a strong technical knowledge and understanding of current accounting and audit regulations and issues. 

• Is a team player, but also able to work alone and be a self-starter with a flexible and proactive approach coupled with an ability to work under pressure and to deadlines. 

• Has proven client handling experience and the ability to supervise and motivate more junior members of staff.   

• Has excellent communication, interpersonal, planning and organising skills and is able to display initiative and lateral thinking coupled with good problem solving and analytical thinking ability. 

• Highly PC literate with excellent knowledge of Windows software and accounting systems. 

Insurance specific skills:

• Understands Guernsey’s insurance regulatory structures including Protected Cell Companies (PCCs), Incorporated Cell Companies (ICCs), and Simple Captives.

• Demonstrates the ability to interact confidently and effectively with service providers (Insurance Managers) responsible for the financial reporting function of insurance clients.

• Familiar with the role and responsibilities of a component auditor, especially in group audits involving captive insurance entities.

• Able to differentiate between management’s internal and external experts (e.g., actuaries, underwriters) and assess their relevance and reliability in the audit process.

• Skilled in interrogating expert reports, including actuarial valuations and insurance reserve assessments, to evaluate assumptions and methodologies used.

• Capable of determining the need for and distinguishing between the use of auditor’s internal and external experts, particularly in complex insurance-related matters.

• Proficient in reviewing and understanding insurance business plans and contracts to determine the nature and type of insurance cover, including risk retention and transfer mechanisms.

• Understanding of insurance accounting standards (e.g., FRS 103 and IFRS 17

Real Estate specific skills:

• Apply expertise to assess valuation methodologies used by clients, including income, market, and cost approaches.

• Interprets and evaluates compliance of valuations with applicable standards (e.g., IFRS 13).

• Skilled at critically analysing and interrogating third-party appraisal reports to verify independence, assess qualifications, and confirm compliance with professional standards.

• Capable of testing key inputs in valuation models, such as cash flows, capitalization rates, and occupancy assumptions.

• Collaborate effectively with management experts and auditor specialists, including reviewing outputs from auditors’ experts and performing additional procedures where gaps are identified.

• Performs sensitivity analysis on valuation assumptions to determine reasonableness and identify potential risks.

• Ensures valuation disclosures align with applicable financial reporting requirements.

• Assesses internal controls over valuation processes, including, where applicable, controls at the rental agent level.

Private Equity and Funds specific skills:

• Demonstrate a solid understanding of private equity fund structures, including General Partner/ Limited Partner relationships, fund hierarchies (master-feeder, parallel funds, co-investment vehicles), their lifecycle, and the broader operating environment of alternative investment structures.

• Familiarity with the International Private Equity and Venture Capital (IPEV) Guidelines’ valuation methodologies and techniques for illiquid investments held by private equity funds, venture capital funds, funds of funds and other alternative investment structures.

• Demonstrates the ability to interact confidently and effectively with service providers (Fund Administrators, Investment Managers, Custodians) responsible for the different aspects of audits.

• Able to differentiate between management’s internal and external experts and assess their relevance and reliability in the audit process.

• Understand fund-level accounting processes including capital call accounting, distributions, carried interest, performance fees, waterfall calculations, and NAV reconciliations.

• Ability to identify and communicate key audit risks specific to private equity funds and alternative investment structures.

• Demonstrate a good understanding of different financial reporting frameworks, including IFRS, UK GAAP and their application to investment funds and private equity entities

PREFERED QUALIFICATIONS

• Possesses a relevant accounting professional qualification coupled with at least 3 years audit work experience.