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Auditor / Lead Auditor - Internal Audit

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

Internal Audit (IA) evaluates the design and effectiveness of the governance, internal controls and risk management processes that exist across the entire Bank. We do this to provide Court and Executive Management with assurance over the control environment in the Bank.

Each year, we present an annual audit plan to ARCo that sets out the audits we will complete during the year. As well as doing the audits in the annual audit plan, we engage in continuous monitoring, provide input to Bankwide projects and complete unplanned work. Based on our audit work, we make cost-effective recommendations to management that are designed to improve the Bank's control environment.

Internal Audit reports directly to the Audit and Risk Committee. IA works in relationship with its external auditors and the Treasury. Three layers of review ensure that the highest standards are achieved and maintained: external review, internal quality assurance review and individual assignment review.

Department Overview

The Bank of England is the central bank of the United Kingdom. Its core purposes are to ensure monetary stability, financial stability and, through the Prudential Regulation Authority, macro and micro prudential regulation. The Bank’s Internal Audit function has 26 professional staff, and plays a key role in protecting the Bank’s assets, reputation, and sustainability by independently and objectively evaluating the effectiveness of internal controls, risk management and governance processes.

Job Description

The Internal Audit Department has vacancies for internal auditors at both the Auditor and Lead Auditor grades.

The ability and desire to drive positive change is central to the Bank's remit and you will be passionate about making a real difference to the Bank’s controls and business processes. With limited direct supervision from an Audit Manager, you will be required to form relationships with management and staff across the Bank; develop a keen understanding of the business; and to plan and perform audits in all areas of the Bank as required. The role will include:

• Gaining an understanding of the Bank and its evolving role in the UK financial system to be able to identify the risks facing the Bank and to inform the planning of specific audits.
• Investigating everything from the effectiveness of controls through to behaviour and culture.
• Ensuring completion of all audit work within allocated time and budgets.
• Articulating conclusions and formulating cost-effective recommendations.
• Voicing independent opinions underpinned by objective analysis.
• Writing precise and readable audit reports that clearly convey key messages to senior stakeholders.
• Challenging management constructively to ensure they take appropriate action.
• Collaborating closely with the business in tracking progress in addressing audit recommendations and confirming their closure.
• Providing input into often high-profile projects across the Bank.
• Supervising and mentoring less experienced members of the team where relevant.
• Supporting the development of departmental standards and audit methodology.

Role Requirements

Minimum (Essential) Criteria

• Demonstrable experience of working both independently and within a team, coping with multiple priorities and deadline.
• Ability to identify, recommend and drive through practical, cost-effective control improvements.
• Good communication skills, openly express views and opinions and encouraging others to do so.
• Comfortable building business relationships and collaborating closely with senior management and external stakeholders.
• Excellent attention to detail, ensuring that outputs are accurate and supportable the first time.
• Able to balance multiple priorities and deliver within pre-agreed timelines.

Desirable Criteria

• Working level experience of conducting audit, risk or compliance reviews is desirable, but not essential.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident scheme. You can find more information on what this means here. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

Depending on your skills and level of experience, the roles offer a base salary of between £35,700 and £53,000 (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is Sunday 18 June 2023.