The Yorkshire Market Insight Report covers the following areas (click to view salaries):
Commerce & Industry
As organisations strive to improve the overall efficiency of the finance function, the emphasis within recruitment has moved to getting the right fit in person as well as on paper. We have noticed that across a whole range of roles, from part or newly qualified to qualified with two to three years’ experience, clients are focusing on building successful, sustainable teams and are looking for soft skills such as effective communication as well as solid accounting experience.
The past year has proved to be an uncertain time for professional services across Yorkshire and the North East. However, towards the end of 2017, the market definitely started to recover, particularly at manager and senior manager level across all service lines from compliance through to advisory.
Change management across Yorkshire has been buoyant. Resource requirements across financial, business and technology change projects have been relatively even. Opportunities for permanent positions have continued to rise as companies look to bring skills in-house for the long term and reduce spend on interims and external consultancies.
Moving into 2018, we are expecting a slight decline in the demand for senior auditors and audit managers across internal and IT audit. There will come a tipping point, where companies decide to either take specialists and train them in audit, invest further in graduate talent or continue to seek support from interim specialists.
Executive & Interim
2017 proved to be a positive and steady year for the interim/contracting market despite initial concerns surrounding Brexit and the General Election. As a result, many businesses across the region used this as a chance to bolster their finance teams by increasing the recruitment of contractors to build an agile workforce, capable of adapting to changing economic conditions.Download the full Yorkshire 2018 Market Insight Report here »
The UK government recently published a policy paper, aimed at holding directors at large companies accountable and maximise transparency to ensure the prevention of fraud, or any other financial crime . We welcome the recommendation to include an annual resilience statement setting out how directors are assessing the company’s prospects and addressing challenges to its business model over the short, medium and long term. As a niche technology risk consultancy, we see embedding resilience in services and products is increasingly a key focus for our clients. The loss of consumer trust that follows service outages can have a material impact on the long-term viability of an organisation. Any additional focus on this, as part of a broader approach to enhancing transparency and trust in audit and corporate governance, can only be seen as a positive change.” Rob Johnson, Senior Manager | dcr partners What are the key points from the audit and corporate governance policy paper? Public interest is at the heart of reformsThe Public Interest Entities (PIEs) are governed by the account legislation and are focused on audit, corporate reporting and governance. PIEs relates to a range of different businesses, including insurance firms, professional services firms , banks and publicly listed companies. The government wants to reform measures to make them more effective and to create a much more robust regulation, so companies have clearer guidance when carrying out audits. The new reforms will have an impact on the way organisations manage their finances and accounts.Directors’ accountabilityLarge companies must have strong internal controls. As a result of poor risk management from many large firms, the Financial Reporting Council (FRC) Review outlined recommendations to strengthen the established internal controls framework. Multiple options have now been identified to increase the effectiveness of internal controls, one of which would require a directors’ statement, which would cover all aspects of the company’s risk management procedures and internal control. All of the new reforms will be in relation to capital maintenance and dividends.Corporate reportingWhen it comes to new corporate reporting, greater transparency on payment policies and practices are needed. The Brydon Review has recommended that for companies to remain competitive and relevant over the long term, reporting needs to showcase more evidence of a director’s plans for the company. Two new reporting requirements have been proposed, which includes an Audit and Assurance Policy and a Resilience Statement. Overall, as a result of the uncertainty in recent times, there’s now an increased appetite for businesses to be more transparent about their finances, operational risks and plans.Strengthening the power of reportingThe government has set proposals to strengthen the regulator’s corporate reporting review that reflect the recommendations outlined by the Brydon Review. Some of the key measures being taken into consideration include the power for companies to direct changes to company accounts, as well as the power to publish CRR correspondence. The government intends to give more power back to the ARGA, and that there’s a more rigorous and consistent approach to discussing documentation and reporting.Company directorsThe role of a CFO , and many other company directors, is to oversee the business’ accounts. They have complete control, and regulators don’t have the authority to intervene if a director breaches any procedures related to the accounts. Therefore, the government aims to give the regulator the power to make directors of publicly listed companies accountable. This would be a major change for regulators, enabling them more authority over their relationships with company leadership. The new regime will allow regulators to take enforcement against directors for any breaches of duties relating to corporate governance.Audit reformsThe government proposes to introduce a new corporate auditioning profession, as well as new principles, duties and obligations for directors and auditors. It’s been accepted by the Brydon Review that the auditing process needs to be improved and with more focus on aspects beyond financial statements’ compliance, to help the audit practices become more transparent and secure. The Brydon review has ambitions to make the audit process more informative and useful. This may include the introduction of a professional body for corporate auditors, which would help create more structure and an established framework for auditing.Safeguarding shareholdersIn response to the Bryon Review, the government is set to give more requirements to the audit committee’s role with the aim of safeguarding shareholders and other account holders in a business. There’s also set to be new measures that will bring in a greater dialogue between a company and its shareholders, which in turn, can improve the quality of audits in this changing financial landscape . The audit committee protects the interests of the company’s shareholders. It acts as a professional liaison that can help tackle a range of issues.Changes to the audit marketAs a result of the CMA Market Study, the government intends plans to increase competition, choice and resilience of the audit market in the UK. The reforms will include a range of measures, such as greater regulatory powers and duties, an operational separation between audit and non-audit arms of different firms, as well as renewed statutory powers for the regulator. The objective of the plan is to give the regulator new powers as the audit market evolves over time and to ensure greater enforcement and security.Audit supervisionMoving forward, there will be much closer monitoring of audit quality, with regular inspections and reviews at least once every three years. This gives regulators the chance to act more effectively when quality issues are identified. In response to recommendations made by the FRC review, the government also plans to offer regulators new powers that will enable them to check auditor’s papers, giving the regulator greater freedom in how it chooses to monitor the quality of audits.The future of the regulatorIn order to strengthen the regulator, the ARGA will replace the financial reporting council, aiming to promote and protect the interests of investors, wider public interest and corporate reporting. The future of the regulator will revolve around having established roles and powers to exercise judgement on business audits. The regulator will also be funded through a statutory levy and the ARGA will be established as a company limited by guarantee. The government believes that ARGA should have broad objectives to remain relevant and flexible as the ARGA carries out its policy-making functions. Overall, there’s a range of proposed objections for the regulator, including quality objective and competition objective.The role of the regulatorThere’s a range of additional changes to the regulator’s role. For example, there are proposals for the regulator to have a more proactive role, which includes assessing any serious issues related to a company’s auditing process. The new responsibilities are all about preventing issues from happening, such as problems with corporate reporting or any concerns relating to the Public Interest Entity’s audit. The role of the regulator is set to change with the new measures being introduced. All of these new measures will help the ARGA achieve the aim of becoming an independent regulator.Speak to a member of the teamMarks Sattin is a specialist recruitment and executive search firm. We have over 30 years’ experience finding professionals their next exciting opportunity and our people are committed to keeping abreast of the latest developments in our key markets. Should you have any questions or wish to discuss further, please feel free to reach out to me.
We hosted an internal audit roundtable in Leeds, attended by a group of senior professionals in internal audit, risk and compliance, from a wide range of organisations. The aim was to discuss topics that are currently impacting their profession, and share experiences and insights. We have summarised this conversation in an easy to read whitepaper, covering the following: Sustainability - climate change and environmental issues – what’s the reality?Governance - the new Corporate Governance code, internal audit’s role in risk management and auditing cultureIs internal audit creating the right impact? We talk about report writing and responding to new technologiesThe challenges of IT security, cyber risk and GDPR Download our whitepaper to read more on the topics disrupting the internal audit sphere For more information on specialists markets or if you're looking for a new challenge or an organisation seeking additional expertise please email firstname.lastname@example.org or call +44 (0)113 242 8177.
Ever since we opened our Leeds office we like to keep a keen eye on Yorkshire, and we love to celebrate the region’s economic success stories. In a previous blog we toasted ‘God’s own county’ on the creation of more jobs than all of France, and following the publication of Yorkshire’s 100 most influential business leaders by the Yorkshire Post, we felt like it was time to revisit this Northern Success Story. The Post includes financial services heavyweights like Leeds Building Society’s Peter Hill along with hi-tech innovators like Oncascan founder Diana Anderson, and there is also room for leaders from national giants like Asda who base themselves in Yorkshire. Indeed, the diversity of industries and company sizes on the list is testament to just how varied the local economy is – a far cry from a heritage which saw each town reliant on one or two industries. With this economic success has come a demand for top financial talent, and we have noticed a real increase in the number of accountancy jobs in Yorkshire. Audit, risk and compliance professionals are in particularly strong demand across the county, with NQ salaries averaging between £30,000 and £40,000, with CFOs usually taking home six figures according to our salary survey. Bonuses are on the up too; over the last few years the bonus-culture has extended beyond big corporates and into mid-size players, which is a significant boost. The bonuses of living in Yorkshire are not just financial however – with the county boasting over 800 square kilometres of ‘Areas of Outstanding Natural Beauty’.