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Audit Pensions Centre of Excellence – Actuarial Specialist – Assistant

Date: Mar 31, 2021

Location: London, United Kingdom

Company: KPMG UK

The Team

The KPMG Actuarial Specialists within the Pensions Centre of Excellence are a team of c.30 pensions specialists dedicated to supporting KPMG Audit in auditing financial statements under IFRS/UK GAAP/US GAAP/SORP in respect of Defined Benefit pension schemes. Specialist input to audits is crucial to ensuring audit quality. Being part of the team of subject matter experts will present opportunities to contribute to provide a market-leading service to KPMG’s audited entities.
We continue to evolve how specialist pensions support is provided, working closely with audited entities and the central audit team to provide high quality and focussed support, resulting in an enhanced experience. We are looking to recruit outstanding team players with a focus on quality and integrity, and a dedication to building a collaborative environment within this dynamic team.
Working in the Pensions Centre of Excellence will provide opportunities for pensions actuaries, actuarial students and pensions professionals to work with blue chip audited entities, liaise with their third-party advisers, develop specialist knowledge whilst also providing access to the wider opportunities within KPMG. Due to the seasonal nature of the work, we are able to accommodate flexibility in working patterns (including part-time and seasonal contracts) and offer a competitive remuneration package and career progression opportunities.

Audit Pensions Centre of Excellence – Actuarial Specialist – Assistant Manager

Location is flexible, can be any UK based location

The Role

Responsible for delivering high quality specialist pensions support to KPMG Audit in relation to DB pension schemes sponsored by KPMG audited entities.

Description of the role:
•Key contact with central audit team, with responsibility for collating relevant pensions information from audited entities and their advisers, raising queries and reviewing responses
•Responsible for running checks to assess reasonableness of actuarial assumptions and accounting results, using KPMG developed tools and supported by a team analyst (grade E)
•Drafting and initial review of reporting
•Assist in managing process from initial scoping with central audit team to final delivery of audit reporting
•Begin to develop specialist technical knowledge and contribute to research and knowledge sharing in one or a number of key areas (technical accounting support, audit tools and procedures, yield curves, longevity, valuation of longevity swaps, valuation of annuity policies, public sector, US GAAP, valuation of asset backed funding interests)
•Developing detailed understanding of KPMG audit procedures and ensuring procedures are followed accurately

Role dimensions

Leadership & Management

The successful candidate at assistant manager level will be expected to assist in running client engagement teams to deliver audit cases, and to contribute to the overall success of the team. Assistant managers will prepare reporting in respect of all audit clients, with reporting being signed off at manager and senior manager level, and delivered to KPMG Audit in line with KPMG audit quality procedures. With the appropriate auditing experience and IFoA exam progression, assistant managers can obtain the necessary acceditation to manage and have responsibility for their own portfolio of lower risk audit cases.

Stakeholder Interaction & Challenges

Assistant managers will have the opportunity of client contact throughout the audit process, typically liaising with in-house pensions managers and group finance contacts. Key clients include FTSE companies across all sectors.Assistant managers will also be a key contact with the central KPMG audit team and the auditors within the wider Pensions Centre of Excellence, with responsibility for assisting in the managing of the day-to-day relationship with KPMG Audit and for ensuring delivery to agreed timescales.

Impact, Risk, Accountability & Governance

The team will deliver over 500 audit support cases each year, covering KPMG’s largest high profile audited entities through to mid-market companies. A focus on quality and consistency will be central to everything that we do.

The Person - Experience

Essential - The successful candidate will have a pensions background with some experience of working in pensions accounting and / or audit, and will be making good progress through the actuarial exams.

Desirable - Knowledge of pensions reporting under IFRS and experience in one or more of the areas outlined below.

Expertise / Technical role requirements
•Basic knowledge of DB pension scheme valuations, roll forward methodologies and actuarial techniques
•Understanding of the wider UK pensions landscape, the FRC audit environment and the issues facing our clients
•The successful candidate will also have experience of one or more of the following specialist knowledge areas (and will be expected to develop further specialist technical knowledge and contribute to research and knowledge sharing):
o technical accounting support
o audit tools and procedures
o yield curves
o longevity
o valuation of longevity swaps and annuity policies
o public sector pension schemes
o US GAAP
o valuation of asset backed funding interests

Skills
•Good technical understanding of pensions liability calculations
•Attention to detail, with a focus on quality and accuracy in calculations
•Good communicator and team player
•Strong analytical skills with ability to provide challenge
•Consistently able to work at high level of intensity whilst maintaining a professional and positive approach
•Fully engaged and taking responsibility for own performance and development
•Developing delegation skills and proactive in helping junior team members to develop
•Strong Microsoft Excel, PowerPoint and Word skills


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