Closing Date 2021/06/30
Reference Number LAN210518-1
Job Title Chief Audit Executive (Centurion)
Division Office of the CEO
Unit Internal Audit
Job Type Classification Permanent
Location - Country South Africa
Location - Province Gauteng
Location - Town / City Centurion
JOB ADVERT SUMMARY
The Land and Agricultural Development Bank of South Africa (Land Bank) is South Africa’s only specialist agricultural bank established in 1912, the bank’s sole objective is to serve South African commercial and emerging farmers and bring specially designed financial services within their reach. These services enable farmers to finance land, equipment, improve assets and obtain production credit. The Land Bank provides financial services that have moved with the times and continues to provide services to agri-business and constantly reviews its offerings to ensure that they match the needs of an industry. As change has swept across the sector in South Africa the socio-economic makeup of agriculture has altered, bringing new entrants from historically disadvantaged backgrounds on to the land, these new farmers, facing the challenges of establishing sustainable agri-businesses across the agricultural value chain, Land Bank has been a commercial lifeline offering appropriately designed financial products that facilitate personal and commercial viability in a sector that is vital to the sustainability of South Africa and its people. The Internal Audit function operates as independent appraiser, responsible for examining and evaluating business activities and related risk for the purpose of ensuring regulatory compliance, safeguarding company assets and improving its systems of financial and operational controls.
ROLE OVERVIEW
1. The role will ensure that all audit work conforms to the Standards for the Professional Practice of Internal Auditing. In addition, this role will lead financial and accounting investigations including forensic matters.
2. The role reports functionally to the Audit Committee and administratively to the Chief Executive Officer, and will provide it with formal assessments of the adequacy of the Company’s internal control environment on a quarterly basis.
The job requires a dedicated focus to continue efforts in stabilizing the internal audit’s organizational infrastructure necessary to deliver against current and future objectives of the division; including, the use of various staffing alternatives (including co-sourcing arrangements) as necessary to ensure organizational capabilities (structure, processes and systems) are in place to meet the Land Bank needs. A risk based approach to setting of the Audit Plan is critical given the changes in the Land Bank direction (vision25) and restoration of the controls required to manage the Land Bank processes. In depth understanding of ICT audits (CAATS) are critical for the Land Bank as the organisation is in transition towards a SMART ITC environment. Develop an Internal Audit strategy aligned to the business strategy. Develop a strategy execution plan and implement. Develop and maintain independent relationship with Land Bank Group leadership. Reports to the Land Bank Group Audit Committees and other Board Committees. Oversees the business risks and effectiveness of controls to the Land Bank Group. Provides leadership and support to the Internal Audit team in implementing programmes to evaluate the adequacy of the internal controls environment. Is a conduit between Land bank Group and Auditor General Manages the approach and processes to conduct and provide independent forensic investigations, fraud risk assessments and fraud awareness programmes
KEY PERFORMANCE AREAS
Develops and Implements the Audit Strategy as aligned to the Corporate Plan and Legislation:
1. Develops, reviews and updates the internal audit charter and methodology in alignment to the corporate plan and presents to senior executive management, audit & finance and the board for approval.
2. Develop three year rolling plans and annual audit plans which are risk-based to set out the priorities of the internal audit function, consistent with the Land Bank, Land Bank Insurance Company strategy and corporate plan.
3. Consider the input of executive management, senior departmental management, of the audit and finance committees and the statutory auditor in the development of the plans.
4. Communicate annual and three year rolling plans and resource requirements for the internal audit function, including significant interim changes to the audit committee and obtain the necessary approval from the Audit & Finance Committee. This communication shall include the impact of resource limitations.
Manages approach to Audit Execution and Quality Assurance:
1. Assures delivery of the annual internal audit plan
2. Develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit function, and continuously monitor its effectiveness in line with IIA
3. Evaluates the developments, past deficiencies, outstanding issues etc. and determines emphases, focus areas as well as standardized audit activities
4. In collaboration with the Audit & Finance Committee, ensure that a QAR or other external review of the internal audit function is conducted at least every 5 years, by a qualified, independent external review team, and that the results of this external assessment are communicated to the audit committee
Audit Reporting:
1. Sets up an information and reporting system for standard and exception reporting.
2. Provides reports on internal auditing engagements to the Land Bank Audit & Finance Committee and LBI Audit and Risk Committee
3. Provide an annual holistic opinion on the effectiveness and adequacy of risk management, control, and governance processes to the Land Bank Group audit committees
4. Inform the audit committees without delay of any issue of risk, control or management practice that may be of significance.
Combined Risk Assurance:
1. Co-ordinates activities of various Assurance providers and Risk management to provide the Boards - Audit and Finance Committee and Risk and Governance Committee with an assessment of activities relating to assurance work to mitigate risk and minimise duplications of costs and efforts
2. Optimise auditing technology - Conducts data analytics utilizing auditing systems, for e.g. CAATs (Computer assisted audit techniques) to provide an integrated risk assessment management and monitoring of controls
3. Ensures data integrity through testing transaction details to mitigate against misstatements of financials and to confirm levels for assertions
Manages approach to independent forensic investigations, fraud risk assessments and fraud awareness programmes:
1. Developing and monitoring a proactive fraud risk management plan and strategy
2. Formulate Fraud Policy and publicise widely and Developing and monitoring a Land Bank fraud awareness programme and culture
3. Monitoring of the fraud hotline and performing appropriate investigations
4. Reporting of all fraud related incidents to the CEO / and Land Bank Group Audit Committees
5. Identifying underlying control deficiencies and communicating results to management
6. Take up all fraud and corruption related cases ensure that it is investigated effectively and action taken
Manage Stakeholder Relationships:
1. Coordinates internal and external audit process (including Auditor General)
2. Manages co-sourced auditors to provide assurance on the Land Banks control environment
3. Consults with key stakeholders on a regular basis and guides them on how they can make improvements to their service delivery processes. Ensures that reports and information are relevant and required by users.
Divisional and People Management:
Performance Management:
1. Conduct performance planning session and Track and monitor performance in accordance with performance contracts
2. Conduct performance reviews in accordance with policies and procedures and take corrective actions where necessary
3. Provide coaching and feedback to employees on how to improve and sustain their performance Capacity Planning:
4. Determine the human resource requirements, in accordance with the expected deliverables and current capacity
5. Secure the human capital requirements to ensure that deliverables will be met in accordance with the expected targets
6. Set and achieve employment equity targets. Financial Management:
7. Develop and manage budget
8. Manage expenditure and ensure no fruitless expenditure
9. Adhere to financial guidelines and thus ensure proper control over expenditure
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