Saica / Cima Trainee Accountant

Absa Bank Limited; Gauteng; On-site; ZAR 120 000 - 180 000; Full time

Job summary

A major banking institution in South Africa seeks Accountant Trainees for a one-year internship program aimed at providing essential experience in financial management, tax, and auditing. Successful candidates will engage in diverse accounting responsibilities while gaining a South African Qualifications Authority registered qualification. A Bachelor's Degree in Accounting or CIMA is required.

Benefits

Internship allowance

Access to bank facilities and resources

Qualifications

• Understanding of financial performance indicators.
• Knowledge of tax calculations and compliance.
• Ability to analyze financial statements.

Responsibilities

• Prepare and evaluate financial statements.
• Analyze working capital and recommend improvements.
• Identify risks and document key controls.

Skills

Analytical skills

Financial reporting

Management decision-making

Risk management

Taxation knowledge

Education

Bachelor Honours Degree in Accounting

Bachelor Honours Degree in CIMA

Job description

Empowering Africa's tomorrow, together...one story at a time. With over years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

The SAICA (South African Institute of Chartered Accountants) requires that Accountant Trainees gain experience during their training contract in Accounting and external reporting, Financial Management, Management decision-making and control, Taxation, Internal Audit, Risk management and control and Auditing and assurance. The SAICA Programme's overall aim is to train candidates to be qualified Chartered Accountants. CIMA (Chartered Institute of Management Accountants) requires that Accountant Trainees gain experience during their training contract in Preparation of Management Accounts, Planning, Budgeting and Forecasting, Management Reporting for decision making, Product and service costing, Information management, Project appraisal & management and working capital control. The overall aim is to train candidates to produce qualified Chartered Management Accountants. The internship programme is funded and facilitated by Absa including the management of learners, training, payroll of stipends and overall administration of the programme. Learners will participate in a one-year internship programme resulting in the achievement of a South African Qualifications Authority registered qualification. The appointed Training provider will manage the theoretical knowledge of the programme while Absa manages the experiential learning components for the duration of the internship programme. Applicable to SA only where the learner is based in business upon commencement of an internship programme (12 months, 24 months, 36 Months). Learners will have access to Absa hardware, systems, software, buildings and are also paid internally by Absa Group payroll.

Key Accountabilities

Accountability: Accounting and External Reporting

Decide on the appropriate accounting framework based on the entity's financial reporting needs and the stakeholders identified. Select and evaluate accounting policies within the appropriate accounting framework that most fairly present the financial situation. Develop and evaluate accounting policies in accordance with the accounting framework. Analyze and calculate or evaluate the accounting for routine transactions, for example sales, cost of sales, operating expenses, etc. Analyze and calculate or evaluate the accounting for non-routine transactions, for example mergers and acquisitions, divestitures, provisions etc. Perform and evaluate reconciliations of financial information (e.g. bank reconciliations, accounts payable reconciliation, general ledger control account reconciliations, reconciliations between management accounts and the general ledger, etc.) Prepare and evaluate financial statements in accordance with the identified accounting framework. Prepare and evaluate notes to the financial statements in accordance with the identified accounting frameworks. Prepare or evaluate the non-financial information in the annual financial statements, e.g. Directors' Report, Corporate Governance Report, Sustainability Report. Calculate profitability, efficiency (activity), solvency and liquidity ratios from the financial statements. Based on the ratios calculated, analyze and explain the financial performance of the business, and provides recommendations from analysis to business unit manager.

Accountability: Financial Management

Evaluate and document the entity's / business unit's financial position (for example, using financial analysis, ratio analysis, trend analysis and / or cash flow analysis). Document, for review and input by colleagues recommendations for improving the performance of the entity / business unit, based on the analysis performed. Prepare and evaluate a cash flow forecast for an entity / business unit. Identify possible action plans where there may be a cash shortfall or excess funds and documents, for review and input by others. Analyze and document the entity's / business unit's current working capital position or components of it (for example inventory, accounts receivable or payable management) and documents recommendations for improvement. Recommend, for review and input by others, improvements to working capital management. Analyze and document an entity's / business unit's funding needs. Identify and evaluate for input and review by others, sources of funding to meet the entity's / business unit's funding needs. Identify the need for and evaluate on a preliminary basis, the use of derivatives in managing an entity's / business unit's funding needs. Analyze and comment on a business plan or financial proposal. Document the opportunities, risks and financial implications associated with the replacement or acquisition of a capital asset. Document the financial implications of the investment decision using the appropriate capital budgeting techniques. Document or present recommendations on the replacement or acquisition of a capital asset to business unit manager. Calculate a reasonable range of values for a business, using a combination of valuation techniques. Identify the critical assumptions and facts that underlie the valuation estimate including factors affecting the accuracy of the valuation. Perform a sensitivity analysis on the assumptions used in the valuation model in order to obtain a reasonable range of possible values.

Accountability: Management Decision Making

Identify and document financial and non-financial performance indicators that are key to the entity / business unit, including any industry-specific benchmarks. Critically evaluate and document the applicability of the performance measurement system to measure the key performance indicators. Critically evaluate and document the key components of the management accounting system of an entity / business unit, including the financial and non-financial reports produced. Prepare a budget for an entity / business unit, with clearly documented assumptions. Perform sensitivity analysis on prepared budgets, varying key assumptions to document a range of possible outcomes. Analyze the actual performance against budget, and documents the findings. Investigate and documents reasons for variances between performance and budget. Develop, for input and review by others, a plan to address variances. Critically analyze the methods used for allocation of costs in the entity / business unit. Make recommendations for improved cost control and cost efficiency to business unit manager. Evaluate and document cost allocation options within or across divisions within the entity / business unit, for example the appropriate application of transfer pricing. Identify, document and make practical use of financial information that is relevant to pricing decisions, capacity utilization and the implications of the existence of constraints.

Accountability: Taxation

Calculates or evaluates the income tax payable for an individual, considering : Inclusion and classification of income from different sources, for example, employment including fringe benefits and lump sum benefits, property, business, capital gain / loss, other income, etc. Exclusion of exempt income. Deductibility of expenses, for example contributions to pension or retirement funds or medical expenses, income protection policies, assets used for trade purposes, legal fees and study at home, etc. Prepares the income tax returns. Calculates or evaluates the income tax payable for a legal entity, considering : Type of legal entity, for example, private, public, small business corporation, foreign, trusts, etc. Inclusion and classification of income, for example active business income, income from property, capital gains, exemptions, etc. Deductibility of expenses, for example capital allowances, assessed losses and special allowances, etc. Tax deductions and credits, for example small business deduction, general tax reduction, etc. Prepares or evaluates income tax returns. Calculates or evaluates withholding tax, for example interest or dividend withholding tax, etc. Identifies when indirect taxes, for example VAT or customs duty, are applicable and calculates or evaluates the indirect tax payable. Prepares or evaluates indirect tax returns. Prepares or evaluates employees' tax (PAYE, SDL and UIF) returns.

Accountability: Internal Audit, Risk Management and Governance

Identify and document strategic, operational, financial and informational risks, based on an understanding of the environment in which the entity / audit engagement operates, its strategies and management processes. Document the entity's key business processes and key controls (including IT controls) including the control environment, information system, business processes and control activities (general and application controls). Evaluate internal control in the context of the criteria / recognized framework and suggests improvements where deficiencies are identified. Assess whether existing internal controls are functioning properly or if additional controls are needed and communicates ideas to supervisor. Test and document the functioning of IT controls through the use of audit software or makes appropriate use of IT specialists to test the functioning of the IT related elements of control. Assess the impact of findings on the work to be performed. Document the components of the entity's / audit engagement's governance structure and its role (i.e. board of directors, audit committee, etc.). Critically evaluate the corporate governance practices of an entity / audit engagement in relation to relevant legislation and practices, documenting recommendations for improvement.

Accountability: Auditing and Assurance

Obtain an understanding of and documents an entity's / business unit's information system and key internal controls (including IT controls). Evaluate and document the adequacy of the design of control activities in the prevention or detection of material misstatement, and suggests improvements where appropriate. Identify and document appropriate tests of internal control (including IT internal controls, where appropriate), including the determination of sample sizes and methods of selection. Perform and document the planned tests of internal control and identifies issues where follow‑up / extended work is required. Draw conclusions on whether the procedure meets the stated objectives. Communicate effectively with external audit stakeholders, for example preparing information requested, discussing audit findings and issues raised, describing internal controls and financial systems used.

Education

Bachelor Honours Degree : Accounting, Bachelor Honours Degree : CIMA. Absa Bank Limited is an equal opportunity, affirmative action employer.

Employment Equity Statement

In compliance with the Employment Equity Act 55 of

• , preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank. Absa Bank Limited reserves the right not to make an appointment to the post as advertised