Independent Audit Committee Member CA(SA): Sanlam Umbrella Fund

About Sanlam Corporate

Sanlam Corporate forms part of the Sanlam Group which offers retail and corporate life insurance, health and investment products in South Africa. Our vision is to be the preferred partner to Corporate and Public Sector by providing awesome client experience and comprehensive solutions that enable the financial resilience and prosperity of those entities and their employees. We tap into over 100 years of expertise to provide cost-effective Employee Benefits and Healthcare Solutions that enable financial confidence for our members. We enable our clients to make better retirement and risk decisions today through determined and passionate thought leadership and best-in-class people, innovative products and proven processes all designed to help people live a better life tomorrow. 
 
We believe in creating and cultivating a positive, energised working environment that gives every individual the opportunity to achieve success by embracing diversity and growing our talent. 

Purpose of the role

The appointment seeks to strengthen financial oversight, audit assurance, risk management, and governance in line with applicable legislation, regulatory requirements, and best-practice governance principles. 

Key responsibilities

Financial Oversight and Reporting

• Review and evaluate Annual Financial Statements to ensure compliance with relevant provisions of the Pension Funds Act No. 24 of 1956, the Regulatory Reporting requirements for Retirement Funds in South Africa and IFRS as far as applicable to Retirement Funds.
• Lead in the interpretation of changes to future retirement fund financial reporting requirements/regulations.
• Assess the appropriateness of accounting policies, estimates, and financial disclosures.
• Review draft Annual Financial Statements prior to submission to the Board and relevant regulators.

Audit and Assurance

• Provide independent input into the appointment, rotation, and performance of the external audit firm and the lead partner.
• Review audit plans, engagement letters, audit fees, management letters, and audit findings.
• Monitor the progress against the audit plan to ensure timely completion.
• Provide guidance to the Audit Committee, Board and accounting team on accounting and related matters that may affect financial reporting outcomes throughout the year and during the audit.
• Evaluate auditor independence and the effectiveness of the external audit process.
• Review ISAE 3402 and internal audit reports, where applicable.

Risk Management and Internal Controls in corroboration with the Board and other Board Committees

• Evaluate the adequacy and effectiveness of financial, operational, and IT controls.
• Evaluate the effective control over balance sheet accounts.
• Contribute to the identification and monitoring of key financial and operational risks.
• Review the Fund’s risk register and recommend actions to mitigate identified risks.

Governance and Committee Participation

• Participate meaningfully in Committee deliberations and decision-making.
• Reporting to the Board, including annual work plans and activity reports.
• Ensure compliance with the Pension Funds Act, applicable FSCA requirements, accounting principles as set out in IFRS, and relevant King principles.

Advisory Support

• Provide objective financial and governance advice to the Board and Committees.
• Support the Board in evaluating the performance of service providers, including administrators, accountants and auditors.
• Escalate significant governance or control concerns to the Board and Principal Officer.

The Independent CA will be expected to provide input on all of the above as one of four committee members.

Qualifications and experience

• A Chartered Accountant (CA(SA)) qualification and current registration with SAICA.
• A minimum of five (5) years’ post-articles experience, with exposure to audit committees, and retirement funds (umbrella funds will be an advantage).
• Demonstrated ability to operate independently and exercise objective professional judgement.
• Ability to approach the review of the draft Annual Financial Statements and control environment in an analytical way.

Knowledge and skills

• Sound knowledge of IFRS / IFRS for SMEs, audit and assurance standards, and financial reporting.
• Sound knowledge of the financial reporting regulations (annual financial statements, Regulation 28 of the Pension Fund Act and the SARB B.2(H) Report.
• Working knowledge of the Pension Funds Act and related regulatory requirements.
• Strong understanding of internal controls, risk management, and governance principles.
• Ability to interpret complex financial information and communicate effectively at Board and Committee level.

Core competencies

• High ethical standards and adherence to the SAICA Code of Professional Conduct.
• Independence of thought and professional judgement.
• Strong analytical skills.
• Ability to engage constructively with Board members, management, auditors, and regulators.
• Commitment to good governance and Treating Customers Fairly (TCF) principles.
• The applicant must be independent of the Fund’s auditor, currently PwC and sponsor, Sanlam.

Term of appointment

• The appointment will be for a fixed term, as determined by the Board of Trustees, and is subject to the Fund’s governance policies and annual declarations of independence and conflicts of interest.

Turnaround time

The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers.

Our commitment to transformation

The Sanlam Group is committed to achieving transformation and embraces diversity.  This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa.  The Group's Employment Equity plan and targets will be considered as part of the selection process.