Head of Audit Quality, Compliance, Professional Standards & MLRO

Head of Audit Quality, Compliance, Professional Standards & MLRO

Role Purpose

To lead and strengthen the firm’s audit quality, regulatory compliance, professional standards and anti-money laundering governance, ensuring the firm consistently meets the requirements of:

• ICAEW Practice Assurance and Audit Regulations

• FRC Ethical Standard and ISQM 1 & 2

• UK Companies Act 2006

• Money Laundering Regulations 2017 (as amended)

• PE ownership governance and risk expectations

The role will assume day-to-day ownership of audit quality, professional standards and AML oversight, materially reducing the workload currently carried by senior audit partners, while strengthening governance in a PE-backed environment.

Core Responsibilities

1. Audit Quality & ISQM 1 & 2 Leadership

• Own, maintain and continuously improve the firm’s ISQM 1 system of quality management, ISQM 2 engagement quality reviews, including:

  • Quality risk assessment and responses

  • Monitoring and remediation activities

  • Root cause analysis and continuous improvement

• Design and oversee:

  • Internal audit file reviews (hot and cold)

  • Engagement Quality Control Review (EQCR) framework

  • Annual audit quality monitoring plan

• Act as internal authority on:

  • ISA application and interpretation

  • Complex audit judgements

  • Consistency of audit execution across partners and offices

2. Regulatory & Practice Assurance Oversight (ICAEW / FRC)

• Lead preparation for and management of:

  • ICAEW Practice Assurance visits

  • Regulatory inspections and correspondence

  • Remediation plans and follow-up actions

• Maintain firm-wide compliance with:

  • ICAEW Audit Regulations

  • FRC Ethical Standard (independence, NAS, fee dependency)

  • CPD, competence and training requirements

• Act as senior escalation point for:

  • File quality concerns

  • Independence or ethics breaches

  • Regulatory matters

3. Independence, Ethics & Conflicts (including PE ownership)

• Own and operate the firm’s:

  • Independence and conflict identification framework

  • PE-related conflict assessment and documentation

  • Client acceptance and continuance governance

• Advise partners and leadership on:

  • Permitted and prohibited services

  • Safeguards, partner rotation and fee dependency

  • PE-related conflicts and portfolio company considerations

4. MLRO Responsibilities (AML Governance & Oversight)

• Act as the firm’s Money Laundering Reporting Officer (MLRO) under the Money Laundering Regulations 2017.

• Own and maintain the firm’s:

  • Firm-wide AML Risk Assessment

  • AML policies, procedures and controls

  • AML governance and reporting framework

• Provide senior oversight of:

  • Client onboarding and acceptance from an AML perspective

  • High-risk clients, jurisdictions and services

  • Ongoing monitoring and risk re-assessment

• Act as decision-maker for:

  • Internal suspicious activity reports

  • External SAR submissions to the NCA (where required)

• Maintain appropriate regulatory engagement with:

  • FCA (AML supervision)

  • Law enforcement (where applicable)

• Ensure the AML function is:

  • Adequately resourced

  • Supported by a Deputy MLRO and/or AML team

  • Properly documented and inspection-ready

5. Governance, Risk & PE Interface

• Act as senior professional standards and AML representative in a PE-backed firm, including:

  • Audit quality and AML reporting to the Board and PE owners

  • Supporting PE due diligence and ongoing governance reporting

  • Maintaining regulatory credibility during growth and change

• Develop and maintain:

  • Audit quality and AML risk registers

  • Regulatory dashboards and KPIs

  • Annual quality and AML reports to the Board

6. Audit Methodology

• Own and enhance the firm’s:

  • Audit methodology, templates and guidance

  • AML and independence documentation

  • Client acceptance and risk assessment tools

7. Partner Advisory & Challenge

• Provide senior challenge and support on:

  • High-risk or complex audits

  • New or regulatory-sensitive clients

  • First-year and group audits

• Act as independent internal reviewer on:

  • High-profile engagements

  • Regulatory-exposed work

    
    

Essential Experience

• Senior audit professional with 15+ years’ experience in:

  • UK statutory audit

  • ICAEW-regulated environment

  • Audit quality, compliance or professional standards

• Demonstrable experience of:

  • ICAEW Practice Assurance inspections

  • ISQM 1 & 2 operation and updates

  • FRC Ethical Standard application

  • AML governance and risk assessment

    
    

Desirable Experience

• Prior experience as:

  • Audit partner or senior director

  • Head of Audit Quality / Professional Standards

  • MLRO or Deputy MLRO

  • Ex-regulator or monitoring reviewer

    
    

Qualifications

• ICAEW ACA (or equivalent UK audit qualification)

• Current or previous Responsible Individual (RI) status desirable

• AML / MLRO training and experience strongly preferred

  
  

Personal Attributes

• Senior credibility and gravitas

• Independent mindset and strong ethical judgement

• Able to challenge partners constructively

• Calm under regulatory and inspection pressure

• Comfortable operating at Board and PE-owner level

To apply, e-mail joshua.mellor@permaxrecruitment.com