SUMMARY:
Divisional CFO
POSITION INFO:
Divisional Chief Financial Officer – ultimate responsibility for the financial health of the Africa Division and oversees the delivery of key financial KPI’s. This includes driving operational efficiencies as well as establishing internal systems, controls, and procedures.
The Chief Financial Officer will manage in an efficient and effective manner the statutory and legal relationships for the Division, ensuring that as a corporate citizen the Division is compliant with all rules and regulations specifically including Sarbanes Oxley and IFRS.
This involves:
‒ Management of the monthly reporting process involving the close of accounts and reporting thereof.
‒ Ensuring compliance with local legislations for each statutory entity as required including working with local authorities where required.
‒ Close collaboration with divisional financial managers and where appropriate company management to manage the monthly close position across all P&L lines and Balance Sheet.
Annual management of the external audit process:
‒ Working closely with local auditors to meet group audit timelines.
‒ Communicating and engaging with group finance on year-end and quarterly close requirements within set timelines.
‒ Full drafting, completion and ultimate signature of the Annual Financial Statements.
Financial Planning and Analysis
Overseeing the financial analysis of forecasted & historical financial information for the Division:
‒ Utilising the data obtained in the analysis to provide meaningful insight into the strategic planning of the business while simultaneously identifying opportunity to drive efficiencies and profit optimisation;
‒ Detailed analysis of the data to proactively manage risks (actual and perceived) to the business Preparation and Submission of the Forecasts:
‒ Management of the Africa group timelines and submission of additional information as required in accordance with Group Finance’s timelines.
‒ Overseeing the forecast positions against budgets with strategic management of both Income Statement and Balance Sheet to maintain KPI deliveries.
‒ Constant communication to Africa Group Chief Financial Officer to maintain an understanding of the division’s position and outlook.
‒ Managing of the budgeting processes within the Division, ensuring that budgets are prepared, implemented and adhered to.
Internal Controls and SoX Compliance
Management and custodianship of the Division’s control environments:
‒ Develop appropriate internal controls within the Division where deemed necessary, including internal controls around the implementation of IFRS15, IFRS16 and IFRS9.
‒ Preparing for and managing the Internal Audit Process and managing the SoX Compliance Programme.
‒ Liaising with Africa Group Chief Financial Officer on findings and recommendations.
‒ Managing the divisional resources to deliver on the scope of the internal audit and SoX testing programme.
‒ Liaising with divisional finance staff on findings and recommended action plans.
‒ Remediation of divisional deficiencies identified during SoX testing performed by management, internal and external audit.
‒ Ensuring mitigation of the risk of fraud from within the business & from external sources.
‒ Ensure a high level of quality administration is maintained through implementation of procedures and processes within the Division.
‒ Ability to deeply understand group policies and how to implement within the divisions these policies whilst maintaining operational agility.
Taxation
Oversight of the Division’s taxation matters including:
‒ Identifying and controlling potential risks within the division ensuring compliance with all taxation and accounting laws/policies effecting the division’s legal entities.
‒ Working with Group Finance to implement and maintain transfer pricing policies and procedures where required and also collaborate with Group Finance to respond to revenue authority queries or disputes.
ERP Implementation
Assist the Africa Chief Financial Officer with the following:
‒ Oversight of Microsoft AX ERP/ Salesforce CRM Implementation including liaison with Group Business Systems and internal staff members across the internal finance department and other operational activities.
‒ Management implementation in accordance with Group deadlines and quality standards.
‒ Document required business processes and manage data cleansing projects.
‒ Perform user acceptance testing and provide feedback to business systems and the Africa executive committee on all areas where issues are identified prior to Go-Live.
IFRS Implementation and compliance
Responsible for divisional IFRS compliance including:
‒ Oversight of the implementation of IFRS 15, IFRS 16 and IFRS 9 in accordance with Group Finance instructions and deadlines.
‒ Evaluate business practices and ensure that they are aligned with accounting conclusions in Group accounting policies and technical analysis.
‒ Identify internal controls in respect of data and models used to calculate the impact of changes arising from these standards.
‒ Identify system requirements to ensure that areas of change can be automated with limited manual interventions being required.
Treasury
‒ Management of the Africa Division liquidity position
‒ Custodian over the controls required around the divisions funds to ensure mitigation of the risk that fraud may occur
‒ Design and implementation (in collaboration with group treasury) of currency hedging strategies to mitigate impact of foreign exchange fluctuations
‒ Authorizing all payments local and abroad as well as the controls around all payments
‒ Management, forecasting and implementation of cash flow controls to ensure the division is in a position at all times to meet its financial obligations
Fixed Asset and In-vehicle Device Management
Ensure appropriate safeguard are applied to fixed assets including:
‒ Reviewing of the fixed asset registers and reconciliations to the General Ledger.
‒ Implementation of audit recommendations (when required) to ensure safe-guarding of all divisions assets.
‒ Identification of areas for improvement on the division’s asset controls.
‒ Adjusting to changing legislation (if required) and group policies on fixed asset accounting.
Working Capital Management
Reviewing debtors, creditors and inventory levels
‒ Custodian of divisions working capital levels targeting agreed KPIs.
‒ Identification of areas to improve which would result in stronger liquidity positions for the Africa division and communication thereof to employees.
‒ Balancing of commercial objectives and financial risk associated to collection of cash from sales.
‒ Communication and collaboration with sales and business development teams on status of debtors’ balances and strategic plan development when required to improve collection rates.
‒ Development of early warning signs to maintain risk profile of the Africa Division and prevent long overdue accounts.
‒ Constant interaction with supply chain teams to manage levels of stock versus budgets and business commercial needs.
Support the Group Finance Department
‒ Proactively work with Group Finance and the Africa Group Chief Financial Officer to ensure the right level of communication and information sharing, preventing surprise events.
‒ Partnering with the Africa Chief Financial Officer on situations where advice and guidance is needed to ensure solutions are reached which align to the overall Group strategy.
Education and/or Work Experience Requirements
The candidate should meet the following education and work experience requirements:
‒ Big 4 trained Chartered Accountant with 5 – 10 years of post-qualifying experience with operational experience at a significant subsidiary of a Listed corporate.
‒ Excellent verbal and written communication skills, including ability to effectively communicate with internal and external customers including communication at an executive level.
‒ Attention to detail and highly analytical mindset with a sound commercial acumen.
‒ History of driving efficiencies in a highly complex and operational environment.
‒ Excellent ERP and IT system proficiency. In addition to advanced Excel skills, the candidate should have prior experience with ERP implementations.
‒ Must be able to work under pressure and meet deadlines, while maintaining a positive attitude.
‒ Must be willing to travel within South Africa and cross border if necessary.
‒ Must have the ability to work independently and to carry out assignments to completion within parameters of instructions given, prescribed routines, and standard accepted practices.
Salary - +- R----- plus bonus, plus participation in share scheme
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