The successful candidate will be responsible for the following key performance areas:
Keep abreast with accounting and auditing developments affecting the regulated financial sector through review of pronouncements by the International Accounting Standards Board (IASB), International Auditing Assurance Standards Board (IAASB), the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS) as it pertains to the industry.
Provide technical support to the PA departments on the interpretation and application of accounting and auditing standards affecting the regulated institutions.
Liaise with external stakeholders such as the South African Institute of Chartered Accountants (SAICA), Independent Regulatory Board for Auditors (IRBA), Banking Association of South Africa (BASA), Association for Savings and Investments South Africa (ASISA) and the South African Insurance Association (SAIA) on accounting and auditing matters affecting the banking and insurance industries.
Represent the PA on accounting standards and industry forums, where applicable, and inform the PA staff of local and international accounting and auditing developments.
Monitor accounting and auditing-related industry data and associated trends.
Engage with banks, insurance entities, auditors and other relevant parties on the implementation and impact of new accounting and auditing standards.
Assess the impact of accounting and auditing pronouncements on the South African regulatory framework and assist with related policy formulation.
Provide support to members of the BCBS and IAIS subcommittees, for example, the Policy Development Group, the Accounting Experts Group and the Accounting and Auditing Working Group, on accounting and auditing matters for input into policy formulation.
Ensure alignment of the regulatory returns to International Financial Reporting Standards (IFRS) accounting standards.
Assist with accounting and auditing-related training within the PA, where applicable.
Job requirements
To be considered for this position, candidates must have:
- a postgraduate qualification in Accounting, Auditing (NQF 8), CA(SA) or CFA; and
five to eight years’ post articles experience in financial services, banking, insurance or financial risk management.
The following would be an added advantage:
- knowledge of the Basel framework and/or the Solvency Assessment and Management (SAM) framework at both theoretical and practical level;
- practical experience in the banking and/or insurance regulatory environment; and
practical experience in the technical accounting and/or auditing of banks and/or insurance companies.
Additional requirements include:
- knowledge of, and experience in, the banking and/or insurance sector, financial and banking products and relevant regulations, with particular emphasis on accounting/ auditing matters relating to banks and insurance entities;
- an understanding of developments regarding the accounting and auditing standards;
- competence in basic office information technologies;
- being a self-starter and able to function independently and proactively; and
- proficiency in verbal and written communication.
In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.
The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.
About SARB
Primary mandate of the SARB
Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:
The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.
The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.
WHAT WE DO
Monetary Policy
The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.
Financial Stability
The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.
Prudential Regulation
The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.
Financial Markets
Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.
Financial Surveillance
The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.
Payments and Settlements
The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.
Statistics
The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.
Research
Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.
Banknotes and Coin
The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.