Finance Committee

Community Schemes Obud Service; Gauteng; On-site; ZAR 500 000 - 700 000; Part time

Job summary

A public service organization in Gauteng is seeking a Finance Committee member to oversee revenue management, budgeting, and compliance. The role requires monitoring financial systems and ensuring adherence to legal standards. Successful candidates should possess strong financial management skills, experience in procurement, and the ability to work with government agencies. The position involves advising the Board on financial strategies and ensuring sound investment decisions in alignment with the organization's financial guidelines.

Qualifications

• Strong knowledge of financial management, budgeting, and reporting processes.
• Experience in procurement and financial oversight.
• Ability to liaise with government departments on financial matters.

Responsibilities

• Provide oversight over revenue and expenditure management for CSOS.
• Monitor adequate financial and administration systems within CSOS.
• Ensure compliance with legal requirements and accounting standards.

Job description

ROLES AND RESPONSIBILITIES OF THE FINANCE COMMITTEE OF THE CSOS BOARD To provide oversight over revenue management and expenditure management for the CSOS provide oversight on : Progress in the procurement of transactions as per the approved procurement plan; and The implementation of procurement processes that covers Demand Management, Acquisition Management, Logistics Management, Disposal Management, Financial Performance and Risk Management.

provide oversight over financial management, budgeting, investments and reporting processes within the finance environment of CSOS.

monitor and ensure that there is adequate and prudent financial and administration systems and procedures as well as sound investment decisions and processes in line with the CSOS financial and investment guidelines.

ensure accurate integrated reporting to the Board and other stakeholders in compliance with legal requirements and accounting standards.

review and recommend to the Board for approval, strategies and policies relating to, budgeting, expenditure management, revenue management, supply chain management, investment and general financial management.

liaise with government departments and agencies, as necessary, on matters falling within the ambit of its functions.

provide advice to the Board, as appropriate, on matters falling within the ambit of its functions.

oversee CSOS strategic asset allocation plan against medium-term expenditure framework.

review the adequacy of existing financing facilities and monitor the need for any additional financing.

monitor the approval processes on borrowings, issuing of a guarantee, indemnity or security and ensure compliance with the provisions Section 66 of the PFMA and the provision 5.6.5 of the Shareholder Compact.

monitor the BBBEE spend in terms of the BBBEE Framework in respect of targets set in the Annual Performance Plan.

ensure sufficient financial and human resources capacity to : he functions of the Finance and Supply Chain Management business units; and the financial risk profile of the CSOS.

review the proposed annual operating budget and make recommendations to the Board as deemed appropriate.

coordinate the budget review process with other Committees to ensure that their concerns are addressed.

participate in the updating of the three year medium-term expenditure framework to ensure that the CSOS is positioned to meet its operating requirements in the near future.

monitor and review the quarterly financial reports for adherence to the approved operating budget and variations therefrom and make recommendations to the Board relative to any such variations.

monitor actual expenditure against the Board approved budget and report the variances to the Board through : reviews on management accounts and financial statements and reporting to the Board; and determining the adequacy of reserve funds and submitting the results to the Board.

monitor the Internal Audit assurance on the resolutions of findings by the Auditor General South Africa as well as Internal Audit as they relate to Finance and Supply Chain Management.

oversee and obtain independence assurance on the financial environment as it relates to financial reporting and going concern.

report to the Board on any significant findings related to finance and investments.

monitor CSOS compliance with applicable laws and codes of good practice, with regards to matters relating to financial management, budgeting, investments and working capital management.

monitor and review investment strategies and policies, investment opportunities and the associated risks and guide the Board on the best investment instruments to procure.

advise the Board in terms of Treasury Regulations 31.3 on the size of investments to be made with Corporation for Public Deposits where surplus funds exceed R 1 million.

advise in terms of Treasury Regulations 31.3 on the size of investments to be made in an institution with an investment grade rating, where such surplus funds are less than R 1 million.

regularly advise the Board on the following : of investment limits per banking institution.

of investment limits per investment instrument.

of investments against limits.

of investment policies on a regular basis.

assessment of counter-party credit risk based on credit ratings; and Assessment of investment instruments based on liquidity.