Title: Financial Reporting and Audit – Team Leader
Area: Cape Town, Southern Suburbs
Salary: R 400 000.00 – R 450 000.00
A privately owned global group in the investment funds / financial services industry for corporate and private clients has a position available for a Financial Reporting and Audit – Team Leader who will be based in Cape Town, Mowbray.
Qualified CA – non-negotiable.
Skills & Experience:
Audit experience in Hedge Funds would serve to your advantage as well as experience with the preparation of annual financial statements in line with the above listed reporting standards;
Advanced level experience in using Excel and MS Word;
Proven competence and an aptitude for working with systems;
Detailed understanding of International Financial Reporting Standards, specifically IFRS7: Financial Instruments: Disclosures, IAS 32 Financial Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement and consolidations; IFRS 9 replacing IAS 39; IFRS 13: Fair Value Measurement; IFRS 10: Consolidated Financial Statements; IFRS 12: Disclosure in Other Entities.
Beneficial if skills/experience and understanding of US GAAP reporting standard, as well as understanding of differences between US GAAP & IFRS.
An understanding of funds and fund structures;
Knowledge of the hedge fund industry and unit trusts;
Previous experience in the preparation of financial statements in line with financial reporting standards;
Previous experience in dealing with clients;
South African citizens only.
The primary responsibility of this position is to supervise and assist the Financial Reporting & Audit Teams’ output which compromises preparation of annual financial statements, audit liaison services with independent auditors of fund categorised as Local and Offshore Hedge Funds.
This responsibility of supervising and assisting team members outputs are required to be done in line with client/audit agreed timelines for purposes of ensuring annual report filing deadlines are met. Responsibilities of the role also include assisting Manager – Institutional Client Accounting – Financial Reporting and Audit in reviewing prepared annual financial statements and assisting team members in managing their allocated funds entire audit process from beginning to end.
The individual will be required to have a good understanding of the following reporting standards:
• International Financial Reporting Standards (IFRS), - compulsory
• US GAAP and (experience will be an advantage)
• Lux GAAP (not compulsory)
To be able to prepare the financial statements in line with the above listed reporting standards.
Audit experience is required as audit queries / support to auditors is takes place as part of the audit of the hedge fund clients.
Outline of main duties and responsibilities
· Building a strong work relationship with team members, and be a primary contact for queries from various audit firms as a back-up assistant to team members;
· Ensure accurate and timely completion of prepared annual financial statements for review as well as delivery of audit requirements to auditors from team members, in line with production schedule allocations;
· Supervising the output of the team according to the annual production schedule ensuring that audit- & annual report filing deadlines are met;
· Assisting team members where required and liaison with various audit firms with regards to audit timetable to confirm and agree on provisional dates available for the audit, after review of planned audit schedule;
· Allocating funds to team members based on historic production efficiencies in conjunction with assistance from Manager;
· Preparation of annual financial statements based on system generated trial balances as well as other reports extracted from Geneva in line with required reporting standards; (could also include preparation of Interim financial statements).
· Assisting team members in compilation of audit pack if required and other information to be sent to auditors before the start of the audit in accordance with agreed audit timetable;
· Monitoring the progress of team members in managing their allocated funds audit logs and their response to audit queries to ensure that all information requested by the auditors is sent to the auditors within reasonable time and accurate;
· Constantly following up with team members on outstanding from the auditors still due to auditors to ensuring regular feedback is given to the Manager & CRM’s, to follow up with fund accountants in proving further information as needed on agreed dates;
· Update AFS with auditor’s comments as per auditors/partners/clients requests and distribute timeously to auditors for sign-off within agreed audit timelines;
· Remain up to date regarding latest changes in IFRS & US GAAP and the relevant impact on financial reporting;
· Report to Manager – Institutional Client Accounting – Financial Reporting and Audit on a regular basis with regards to the following:
· Escalation of possible audit delays which could result in audit overruns charged by auditors;
· Team member progress on allocated annual financial statements preparation.
If you have not had any response in two weeks, please consider your application unsuccessful.
For more information please call 021 557 4952 or email email@example.com