Statutory Accountant - Johannesburg at Bryte Insurance Company Limited

Key Tasks & Accountabilities

Effective preparation and management of the year end annual financial statements for all legal entities in the group in accordance with IFRS

• Compile a project plan in conjunction with the Head of FAR
• Manage project plans by reviewing deliverables and ensuring that milestones are met in terms of project plans, discuss any issues with the Head of FAR
• Hold feedback meetings with project team to identify problem areas or missed milestones (take corrective action where necessary)
• Liaise with different business areas to obtain information required to compile AFS notes and disclosures;
• Provide guidance to those assisting with AFS
• Support subsidiary company financial accounting processes
• Preparation of AFS for all legal entities in the Group
• Review work done for AFS and ensure compliance to IFRS
• Implementation and disclosure of all new IFRS standards
• Ensure audit queries are resolved timeously
• Perform analytical review of balances and identify reason for variances
• Timely submission of statements to Manager and CFO for review
• Submit Annual Financial Statements and additional reports to Board for review and approval; make necessary amendments following Audit Committee meetings

Effective preparation and management of the monthly and quarterly reporting for subsidiaries and Group, including consolidation accounting

• Ensure integrity and effectiveness of accounting system and chart of accounts
• Ensure compliance to IFRS standards (including IFRS 17 accounting standard)
• Implementation of new IFRS standards
• Obtain TBs from all entities within the Bryte Group
• Ensure correct accounting entries for journals posted
• Submit IFRS 17 data to actuaries for modelling
• Ensure correct journals for actuarial outputs
• Prepare and review Balance sheet, Income statement, Statement of other comprehensive income, Statement of Changes in Equity and Cash flow statement for all entities in the Group
• Prepare and review consolidation entries
• Prepare and review Group consolidated accounts – Balance sheet, Income statement, Statement of other comprehensive income, Statement of Changes in Equity
• Submit financial information to Group (OneStream reporting)
• Prepare and review technical accounting notes for Group and subsidiaries
• Reallocation of balances between debtors and creditors
• Review monthly movement analysis and perform analytical review of balances and identify reason for variances
• Reconcile figures to other finance departments
• Provide guidance, coaching and technical support to staff and finance department

Effective preparation and management of the quarterly shareholder and board reporting requirements

• Assistance to prepare and review quarterly Board packs for all legal entities and Group
• Preparation and review of quarterly Balance sheet & Income statement for the Fairfax President’s report
• Timely submission of statements to Manager for review and meeting executive sign-off deadlines

Effective management of financial systems, general ledger process and internal controls

• Regular review of financial system (SAP) for integrity
• Improving and maintaining effective chart of accounts
• Improving and maintaining of internal controls (including journal process)
• Ensure correct accounting between Balance sheet and Income statement (cross-checks)
• Ensure all dimensions are captured in SAP

Effective preparation and management of regulatory reporting on a  Solvency Assessment Management (SAM) basis

• Manage project plan to ensure timely submission to the PA
• Keeping up to date with Prudential Standards and PA legislation
• Ensure that relevant  reporting is prepared in compliance with statutory and legislative requirements – Prudential Standards
• Completion and review of quarterly and annual SAM returns
• Provide financial information and technical input for SAM returns and to actuaries
• Liaise with audit team to ensure timely audit sign-off and clean audit report
• Provide guidance, coaching and technical support to facilitate the development of staff and finance department

Effective liaison and management with the auditors for the external auditing process for the year end audit and regulatory audit

• Liaise with audit team to set project plans and deadlines
• Feedback meetings with audit team to identify problem areas or missed milestones (take corrective action where necessary)
• Provide sufficient information and guidance to audit team to ensure effective audit process
• Ensure all audit issues are cleared and changes required by auditors are auctioned
• Ensure all audit issues are escalated to the relevant areas for correction and implementation

Effective management of investment reporting

• Liaise with investment manger to execute and capture investment trades
• Liaise with investment manager to calculate and book fair value movements
• Ensure investment income is sufficiently accrued and reconciled to statements.

Assistance with direct and indirect tax accounting

• Assist with calculation of direct and indirect tax liabilities
• Ensure accurate accounting for direct and indirect taxes
• Assistence with completion of income tax returns

Effective management of adhoc financial projects

• Manage resources for projects and define roles and responsibilities
• Develop project deliverables and milestones and ensure adherence thereto
• Provide on-going feedback to manager regarding projects
• Provide guidance to team to assist in continued development of staff

Relationships

Internal

• Chief Financial Officer / Head of Financial Accounting & Reporting
• The Board of Directors (indirectly)
• Group Reporting (indirectly)
• Other Finance departments
• Bryte subsidiaries
• Actuarial department
• Legal department
• Other departments within the company

External

Statutory bodies (e.g. FSB, SARS, SARB)
External Audit - PwC
Internal Audit – KPMG

Qualifications & Experience

• Chartered Accountant and 3-5 years experience in short-term insurance industry in a similar role