Chief Financial Officer

Specific duties

Strategic Planning and Execution

• Provide advice and guidance into the financial aspects of FBS strategic plan and Business Plan and ensure translation into the finance business unit's annual strategic and operational plan.
• Actively participate in organisational strategic planning and policy development, ensuring that financial strategies, plans and policies are sustainable, responsive to organisational priorities, and aligned with applicable legislative, regulatory and governance requirements.
• Analyse and forecast relevant economic and financial trends to inform strategic decision-making, support the optimal allocation and utilisation of discretionary grant funding, and promote effective cash-flow management and the prudent utilisation of organisational financial resources.

Audit Remediation and Financial Management Turnaround

• Lead the comprehensive remediation plan to resolve all material misstatements identified in the financial statements, including those related to grant aLead and oversee the development and implementation of financial statement quality assurance and remediation initiatives to ensure the accurate recognition, measurement, classification and disclosure of grant and project expenditure, contingent liabilities, grant commitments, payables arising from non-exchange transactions, and project administration expenditure, in compliance with applicable accounting standards, regulatory requirements and organisational policies.
• Proactively address and correct significant internal control deficiencies in financial recordkeeping, financial statement preparation processes, and discretionary grant management.
• Instigate and embed effective controls over daily and monthly transaction processing and reconciliation to ensure financial statements are fairly presented and fully comply with GRAP requirements.
• Ensure strict compliance with the PFMA, GRAP, and SETA Grant Regulations, addressing all instances of material non-compliance.
• Address the concerning financial health of the public entity by implementing corrective actions to reduce the creditor-payment period currently 91 days, manage the deficit, and reverse negative net cash flows from operating activities.
• Develop and implement effective financial recovery, due diligence and monitoring mechanisms to safeguard discretionary grant funding, facilitate the recovery of funds from terminated or non-compliant projects, and mitigate financial and compliance risks throughout the project lifecycle.
• Lead the ongoing assessment and mitigation of fraud and financial risk factors within discretionary grant management by reviewing and strengthening governance, approval and control processes relating to project change requests, employer qualification changes, and the verification of supporting documentation for contract amendments.

Financial Reporting and Budgeting

• Prepare and present accurate, reliable and timely financial statements and financial reports to the CEO and Board, ensuring the integrity, completeness and accuracy of financial information and compliance with applicable accounting standards, legislative requirements and governance frameworks
• Lead and oversee the annual budgeting process, ensuring the effective, efficient and strategic allocation and utilisation of discretionary grant funding, with clear alignment between budgeted expenditure, organisational priorities, planned outputs and the achievement of performance targets.
• Monitor and report rigorously on budget performance, with a specific focus on project administration costs to ensure adherence to approved budgets.
• Ensure timely and accurate submission of statutory financial reports, maintaining transparency in all financial disclosures.

Supply Chain and Contract Management

• Oversee procurement processes, ensuring cost-effectiveness, efficiency, and strict adherence to laws and regulations regarding fairness, equity, transparency, competitiveness, and cost-effectiveness.
• Strengthen contract management and rigorous payment control mechanisms to ensure payments are only made upon timely delivery, agreed pricing, and specified quality standards.
• Manage vendor relationships and contract negotiations effectively.

Performance Planning, Management, and Reporting

• Lead and oversee the verification, quality assurance and accurate reporting of organisational performance information in the Annual Performance Report APR, ensuring the appropriate classification and disclosure of sector-funded and SETA-funded learners in accordance with approved definitions, reporting requirements and applicable regulatory frameworks
• Enhance verification controls and processes to ensure the accurate reporting of learners' employment status e.g., against UIF and SASSA data.
• Ensure output indicators in the Annual Performance Plan APP are well-defined, measurable, and align with the strategic plan's outcome indicators.
• Lead and oversee the ongoing monitoring and assessment of project milestones and performance throughout the project lifecycle to support the accurate accounting treatment of project-related transactions and balances, enable the timely identification and management of projects requiring intervention, and promote effective financial oversight and project delivery.

Policies, Procedures, and Systems

• Develop, implement, review and continuously enhance financial policies, procedures and internal control frameworks to promote sound financial governance, strengthen control effectiveness, and ensure alignment with applicable legislation, regulatory requirements, accounting standards and leading practices.
• Oversee financial systems and IT infrastructure, ensuring data security and cybersecurity measures are in place to support reliable financial reporting and internal controls.
• Coordinate and oversee development, implementation, and review of SCM internal control systems, policies and procedures.
• Ensure compliance with statutory regulations of the Public Finance Management Act and National Treasury guidelines.

People / Staff Management

• Lead, mentor, and develop the finance team Senior Finance Manager, Accountant, Administrator, Intern, fostering a culture of continuous improvement, accountability, and strong technical competence.
• Build capacity and skills within the team, particularly in areas related to grant and project monitoring, accurate transaction recording, and financial statement review.
• Manage performance, recruitment, and succession planning within the finance department.

Requirements

Qualifying Criteria

• Honours Degree or equivalent NQF Level 8 in Finance/Accounting, such as a Chartered Accountant CASA or Certificate in Theory of Accounting CTA with articles, or BCompt Honours/BAcc Honours with articles.
• Minimum of 8 years of senior management experience in finance or accounting roles or at least 5 years at a CFO level. Added advantage: extensive experience in a public sector.