Registered Auditor to work as salaried employee

JD Dublin

Is anyone interested in a job as a Registered Auditor to work as a salaried employee in a practise? You would need to be a qualified accountant, and be entitled to sign off auditors reports.

The main partner in this firm has started another business and wants to devote 12 months to it but needs someone to look after the auditing side of his business while that happens.

J.Ryan

Can't see you swinging that by any of the institutes.

Ras64

I am interested. Could you PM me with contact details ?

tenchi-fan

J.Ryan wrote: »

Can't see you swinging that by any of the institutes.

i misread it the same way you did...

JD Dublin

Just to be clear, this person would take over responsibility for audit for the period in question. There will be no regulatory issues as that will be squared away with the particular institute, the present partner will not have a day-to-day role in the practise once the arrangement kicks in.

TBH if there are regulatory issues, then any arrangement prob wouldn't go ahead, as that end would have to be clear from the start.

censuspro

Could the person become an audit affiliate of the firm provided they have the qualifications.

JD Dublin

I'm not sure what the exact regulatory issues are, but the person would need to be entitled to sign audit reports. I believe you don't need to be a qualified auditor to become an affiliate?

It prob won't suit someone who already has their own set of overheads to pay, because the pay will reflect the fact that all rents, Prof Ind Ins, accounts prep support licences etc are paid already.

kennyb3

For ACA this is the relevant info:

Practice Certificate: A practice certificate is held by an individual, not a firm. This is standard across all professions (doctors, solicitors, dentists, etc.). So the first step you need to do is check if you are eligible for a practicing Certificate. I can assist you with this if you wish and you can also refer the relevant guidelines set by CARB which are available at: https://www.carb.ie/Documents/Rules and Regulations/Professional Authorisations and Licenses/Practising Certificate Regulations and Guidance.pdf.

Audit Registration: Audit Registration attaches to the firm. Therefore, if the firm you may be acquiring an interest in is already a firm of registered auditors then there is no need for you to apply separately for this.

Responsible Individual: Authorisation to be a Responsible Individual in a firm of registered auditors is held by an individual. Therefore, if the intention is that in addition to becoming a partner in the firm, you also intend on signing audit reports, then you would apply for Responsible Individual status in the firm. Please note, that this is optional and only necessary if you are going to be responsible for signing audit reports. You can be a non-audit partner, i.e. just hold a practicing certificate, if you wish. As Audit is a reserved and heavily regulated area, the regulations and guidance here is much more substantial in volume that the practicing certificate. Again, I am happy to assist you through this if you wish and I can refer you to the CARB regulations in the meantime which are available at: https://www.carb.ie/Documents/Rules and Regulations/Audit/Audit Regulations and Guidance (RoI).pdf.

So for an ACA to do this you need to have/get a practising cert and then register as a responsible individual.

i went through this about 6 months ago myself.

smcgiff

Could be possible.

Would it be possible for the auditor to keep his own practice ticking over at the same time?

I imagine this would be attractive to an accountant after setting up his auditing practice in recent times and may have spare capacity.

Would have to sign an agreement not to poach any clients.

It's also possible this could be long term (senior partner's new business takes off) and the two practices could merge...

... I'm over thinking this aren't I!

dbran

smcgiff wrote: »

Could be possible.

Would it be possible for the auditor to keep his own practice ticking over at the same time?

I imagine this would be attractive to an accountant after setting up his auditing practice in recent times and may have spare capacity.

Would have to sign an agreement not to poach any clients.

It's also possible this could be long term (senior partner's new business takes off) and the two practices could merge...

... I'm over thinking this aren't I!

Ifs ...buts and maybes.

You could spend all your time looking after the other practice's clients to the detrement of your own. They leave to find someone else. Then the man comes back after a year and wants his clients back and you are gone.

Dbran

J.Ryan

JD Dublin wrote: »

I'm not sure what the exact regulatory issues are, but the person would need to be entitled to sign audit reports. I believe you don't need to be a qualified auditor to become an affiliate?

....

That the person signing the audit report is only an employee, I just can't see that working, can the other partner(s) not qualify for an audit certificate?

Depending on the number of audits within the firm, the existing partner may be better off spending a few weekends reviewing audit files or you should come to an arrangement with a small firm, where by your firm prepares the accounts and that firm audits them (for the year), you can spilt the fees charged to the client, between the two assignments so that the client does not lose out.

JD Dublin

Good point J.Ryan but it prob requires more than a few weekends.

I would say if the partner is now working full time in a practise, and wants someone to replace him then the replacement woud potentially be full time also.

Anyway, if there is anyone out there who is interested in doing this, it might be a good start where they don't have many clients of their own at this stage but need a steady income etc.

J.Ryan

JD Dublin wrote: »

Good point J.Ryan but it prob requires more than a few weekends.

I would say if the partner is now working full time in a practise, and wants someone to replace him then the replacement woud potentially be full time also....

The existing partner would only be needed for audits, any accountant could be an employee for the non audit work, in most small/medium assignments I reckon less than 20% of the files would be audit files.

seco

As an option, I would be interested in talking to you about looking after the auditing on a contract basis. There would be concerns from both sides but if rules of engagement can be agreed, it might be more desireable as an interim solution until your senior partner decides on his future. If you wish, pm your contact details to me.

JD Dublin

Apologies for reviving an old thread but here goes.

The last time I looked at this was in 2011, still the same issue and still the same opportunity for someone to work on approx 20 audits, many of them are just late with their Annual Returns and will fall out of audit shortly.

If anyone is interested in linking up and working in the office that currently prepares the accounts etc as an auditor then please PM me or put a reply on here and I wil PM them.

Thanks in advance.

smcgiff

JD Dublin wrote: »

Apologies for reviving an old thread but here goes.

The last time I looked at this was in 2011, still the same issue and still the same opportunity for someone to work on approx 20 audits, many of them are just late with their Annual Returns and will fall out of audit shortly.

If anyone is interested in linking up and working in the office that currently prepares the accounts etc as an auditor then please PM me or put a reply on here and I wil PM them.

Thanks in advance.

I'm guessing, but only guessing, from your username that this job requires a Dublin based employee.

JD Dublin

smcgiff wrote: »

I'm guessing, but only guessing, from your username that this job requires a Dublin based employee.

Yes the job is Dublin based.