INVITATION FOR A MEMBER TO SERVE AS AN AUDIT AND RISK COMMITTEE CHAIRPERSON
Amatola Water Board hereby invites applications from suitably qualified and experienced candidates for the appointment as an external independent Chairperson of its Audit and Risk Committee.
An Audit & Risk Committee is an independent Committee constituted to review the control, governance, and risk management within an institution, established in terms of Section 77 of the Public Finance Management Act (PFMA) and Treasury Regulations and operate according to its approved Charter.
MINIMUM/COMPULSORY REQUIREMENTS:
• Possess a relevant degree, NQF level 8 qualification (B Comm Honours) or equivalent qualification in the fields
of Accounting, Auditing or Risk Management.
• Registration and/or membership of the South African Institute of Chartered Accountants (SAICA).
• Minimum Five years relevant Executive/Senior Management experience in a Corporate/Public Sector in
governance/finance/audit/risk management
• Five years prior experience in serving on a Board/Audit and Risk Committee of a public institution (Government
and State-owned entity), with three years’ experience as an Audit & Risk Committee Chairperson.
Added advantages:
• Chartered Accountancy qualification
• Candidates who are (currently) chairing not more than three Audit & Risk Committees, and holding not more than three Audit & Risk Committee memberships (currently)
• Candidates with proven experience or background in financial turnaround or business turnaround or business rescue operations in Government and State-owned entity/ies
• Candidates with proven experience or background in audit turnaround i.e., history of achieving “clean audit” opinions in Government and State-owned entity/ies.
• Candidates with proven experience or background in serving on a Water Board or similar institution.
EXPERIENCE:
• Have relevant experience and understanding of the following fields: Financial Accounting, Governance, Legal,
Auditing, Risk Management, and Information Communication Technology.
• Strong experience in finance, auditing, risk management, and compliance
• In depth Knowledge and understanding of the PFMA and its regulations.
• Have exposure to the Government sector and familiarity with risk management practices.
• Have knowledge and understanding of internal controls, major accounting, and public sector reporting issues.
• Knowledge and understanding of and exposure to legislation/policies relevant to public sector entities.
• Knowledge and understanding GRAP and related accounting practices relevant to a Water Board
• Knowledge and understanding of the roles of internal and external audit.
• Knowledge and extensive experience in IT Governance frameworks.
• Excellent communication skills (verbal and written).
• Preference will be given to applicants who have experience in serving on Audit and Risk Committees
KEY RESPONSIBILITIES AND FUNCTIONS:
• Understand the function of the Audit & Risk Committee (ARC) and be able to lead constructive dialogue with Management.
• Understand the effective management of financial risk.
• Assist the Amatola Water in fulfilling its oversight responsibilities with regard to financial internal control, risk management and ICT Governance.
• Assist the Chief Executive in the effective execution of his/her responsibilities.
• Regulate and discharge responsibilities as contained in the Amatola Water’s ARC Charter, outlining formal terms of reference.
• Carry out the responsibilities as legislated by the Public Finance Management Act, 1999, the National Treasury Regulations, and the approved Amatola Water’s ARC Charter.
• Fulfil oversight responsibilities to ensure that the Amatola Water maintains an effective, efficient, and transparent systems of financial, risk management, governance, performance evaluation and internal control.
• Review the effectiveness of the Internal Audit activity and the work of external auditors.
• Review the Amatola Water’s financial statements, performance information and monitor compliance with legislation.
• Provide advice to the Chief Executive on matters relating to, inter alia, internal audit; internal control; risk
management; accounting policies; financial and non-financial information; effective governance and compliance with applicable legislation and prescripts.
• Review any reports released by the internal and external auditors and Management’s response thereto.
• Report quarterly and annually to the Board on the status of risk management, governance, and controls within Amatola Water.
REMUNERATION PACKAGE:
Member shall be remunerated according to Department of Water & Sanitation determined rates. Candidates in the “service of the State” will not be remunerated for the meeting fees, except for subsistence and travelling expenses.
Email: arc@amatolawater.co.za
To view detailed advert please visit our website: www.amatolawater.co.za
All positions are based in East London, Closing date: 28 October 2024.
