Technical Accountant - registered CA (SA)

SUMMARY:
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POSITION INFO:

MAIN PURPOSE OF THE JOB

To provide technical accounting support and operational expertise in order to provide relevant and reliable information for business decision making through the design, implementation and maintenance of effective financial processes, procedures and policies for Insurance. 

KEY PERFORMANCE AREAS

1. Provide technical accounting support to the finance team, relating to all line items of the Management Accounts as well as the Statement of Financial Position and Statement of Profit & Loss

          General

• Provide quality assurance relating to each line item on the Balance Sheet as well as Profit & Loss
• Review monthly management accounts to ensure accounting recognition, measurement, classification and disclosures are correct
• Perform analytical review of month-to-month movements mainly in terms of insurance contract assets, insurance contract liabilities as well as re – insurance contracts, accounts payable and receivable, etc.
• Provide technical input to Board and Sub – committee packs
• Assist in general ledger maintenance (eliminate legacy items, rectify naming descriptions, etc.)
• Assist with VAT queries

          IFRS 17 Insurance Contracts specific (monthly):

• Facilitate communication between Finance, Operations and Actuarial (specifically month - end and year – end)
• Ensure reporting timelines are met by engaging Operations and Actuarial teams
• Facilitate financial data between Finance, Operations and Actuarial
• Review risk integrity output and engage Operations/ Actuarial if any anomalies
• Ensure journals from Risk Integrity are posted correctly in SAP GL
• Perform high level review of the input data going into risk integrity
• Ensure expense allocation in terms of IFRS 17 is up to date and in line with accounting policy
• Ensure insurance contract liabilities and assets are based according to IFRS 17, accounting policies and accounted correctly

           Adhoc

• Respond to queries from Actuarial team reading quarterly and annual returns to the Prudential Authority
• Investigate IFRS and Tax legislation changes that affect the Insurance entities.
• Assist with correspondence to be provided to external stakeholders
• Provide guidance in procurement matters by referencing the PFMA as well as procurement policy.

2. Annual Financial Statements and Corporate Plan budget

          Annual Financial Statements

• Perform quality assurance of each line item and ensure mapping is accurate and correct
• Provide quality assurance on disclosure such as:

  • Investments - Liase with investment consultant to ensure classification of assets are correct, e.g. Listed/ Unlisted assets are disclosed as such and in line with IFRS 9

  • Insurance contract asset and liability notes are disclosed according to IFRS 17

  • Accounting policies are consistent and relevant

• Provide advise on the technical updates in the disclosure of their AFS
• Assist the organisation, if required, with the group consolidation
• Liase with external auditors and facilitate responses to audit queries

          Corporate Plan budget

• Assist in assumption setting, ensuring assumptions are relevant and realistic
• Liase with relevant business within LBI to understand their budget assumptions
• Assist head of finance in drafting budget, by providing technical inputs taking future accounting and tax changes into account

Preferred Minimum Education and Experience

• CA (SA)
•  2-4 years experience including:
• Preferably in Insurance
• Experience in Financial Management / Management Accounting and AFS preparation
• Exposure to Insurance Accounting, Regulations and Regulatory Reporting
• Advanced knowledge of IFRS
• Good understanding of VAT

Critical Competencies

• Business Acumen
• Short Term & Long term insurance Act
• FSCA Requirements
• International Financial Reporting Standards (IFRS)
• Tax Legislation
• Financial Reporting
• Solvency Assessment Mangement (SAM)

Additional Requirements

• Extended hours as and when required
• Travel as and when required