Job Description

Brief description The main purpose of this position is to enable the Prudential Authority (PA) to discharge its supervisory responsibilities impacted by accounting and auditing matters. The incumbent will lead a team of specialists responsible for providing specialist knowledge, skills and experience in the fields of accounting and auditing

Detailed description The successful candidate will be responsible for the following key performance areas:

• Team leadership
  • Provide strategic direction, technical assistance and guidance to a team of analysts.
  • Manage the teamxe2x80x99s deliverables, including work plans, resource allocation and management, processes and systems as well as change and innovation.
  • Manage the teamxe2x80x99s performance.
  • Manage talent, including the learning and development of team members and succession planning.
• Technical support
  • Monitor the development of all relevant accounting and auditing standards, both locally and internationally, such as the International Standards on Auditing (ISA), International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
  • Review pronouncements by the International Accounting Standards Board (IASB), International Auditing and Assurance Standards Board (IAASB), the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS) as they pertain to the industry.
  • Review, analyse and evaluate banksxe2x80x99 and insurersxe2x80x99 implementation readiness and internal assessment of the impact of accounting developments (e.g. IFRS 17).
  • Provide technical support on accounting and auditing matters to the relevant PA representatives on both local and international committees or forums, such as the BCBS and its subcommittees, the Accounting Experts Group, the Committee for Auditing Standards (CFAS) under the Independent Regulatory Board for Auditors (IRBA), and the South African Institute of Chartered Accountants (SAICA) Banking Project and Insurance Project groups.
  • Represent the PA on some of the above-mentioned committees or forums.
  • Provide guidance on matters of interpretation to staff within the PA for them to fulfill their supervisory duties or to the internal Policy Committee on specific policy making matters relating to accounting and auditing.
  • Engage with external auditors on industry developments pertaining to banking and insurance.
  • Assist in developing analytical methods to analyse and interpret financial data submissions.
  • Contribute to international surveys and impact studies conducted by the BCBS or any other related bodies.
  • Provide support with regard to the PAxe2x80x99s approval of auditors in terms of relevant legislation.
  • Inform the PA of the aggregate behaviour of regulated entities
• Regulation
  • Provide research on, and input into, the regulatory framework for banking and insurance (from an accounting and auditing perspective).
  • Ensure alignment of the financial regulatory returns to IFRS requirements, where applicable.
  • Assess the impact of amendments to accounting and auditing standards on the regulatory framework.
  • Draft industry guidance, prudential standards, prudential communications and other regulatory instruments on accounting and auditing matters affecting regulated institutions.
• Training
  • Ensure widespread cognisance and understanding of the concepts and developments in accounting and auditing throughout the PA.