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September 24, 2009

Mid-tier network appoints firs

Nexia International has appointed Simon Riley to the newly created position of global technical and quality manager.

Based in London, the New Zealander will focus on managing the network’s quality control review and annual confirmation programmes. This will involve extensive travel and monitoring of member firm practice.

Riley, who described the role as his ideal job description, told the International Accounting Bulletin that a significant amount of his time will be spent performing quality control reviews directly, training other people to perform reviews and setting up a quality control programme for the network, which will ensure member firms are reviewed routinely and up to international standards.

“[Nexia International] has been progressing pretty much as they should. With the recent SC International merger, we now have a significantly greater number of firms and obviously the demands in terms of the number of quality control reviews that need to be performed have increased,” he said.

“This is a forward-looking move in anticipation that we’ve got so many more firms to review we need someone working on a full time basis.”

There are two main elements to quality control reviews. The first is an overall assessment of a firm’s conformity with International Standard on Quality Control 1: Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements. Riley believes these assessments also provide an opportunity for member firms to be educated in best practice.

“We have firms in developing economies where we have the opportunity to engage with our members and update them on changes to standards and areas of audit practice,” he said.

The second part of quality control reviews are individual audit file reviews, which are evaluated for their compliance with International Standards on Auditing.

Riley will also be a technical resource to Nexia’s international audit committee, co-ordinate Nexia’s annual audit forum and maintain technical resources on Nexia’s website.

Riley has more than 15 years of experience in technical roles at large firms in London, Singapore and Moscow.

He has had audit, financial reporting and ethics standard-setting roles in professional accounting bodies.

At the Hong Kong Society of Accountants (now the Hong Kong Institute of Certified Public Accountants), Riley helped harmonise Hong Kong Accounting Standards with IFRS.

He also worked in Singapore for a Big Four firm and for the Institute of Certified Public Accountants of Singapore, where he played a hand in harmonising Singapore’s accounting standards to IFRS.

Riley, 43, is married with a child and enjoys golf and cricket in his spare time.

Nexia International chairman Norbert Neu said Riley’s broad international experience would help maintain Nexia’s global reputation for quality.

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