TeamMate Software
JUSTICE PHUMULANI SITHOLE
Internal Auditor
Durban,KZN
Summary
Experienced and driven financial and internal audit services professional with expertise in financial management, internal audit, enterprise risk management, corporate governance, performance improvement, financial due diligence and financial modelling and valuation analysis. Skilled in collaborating with all members of the organization to achieve business and financial objective. Instrumental in streamlining and enhancing critical financial reporting and business critical controls, reporting methods and recommending analytical solutions. Proficiency in MS Office.
Overview
33
33
years of professional experience
2
2
Certificates
Work History
Director – Business Development (Environmental, Social and Governance – ESG)
NETZERO SA
03.2024 - Current
- Currently works as an Independent Contractor at SkX Protiviti on data cleansing project at KwaDukuza Municipality.
Internal Audit Manager
SKX PROTIVITI
Durban, Umhlanga, KwaZulu-Natal
07.2012 - 02.2024
- Worked with the firm's Forensic Team to validate the spend reported by host communities and that the reported economic benefits from Rio Tinto flowed to the host community beneficiaries.
- Performed a technical review on 2022/23 draft annual financial statements for Overberg Water Board for completeness and accuracy and for compliance with Generally Recognized Accounting Practice (GRAP) and the Public Finance Management Act (PFMA).
- Managed risk-based assurance engagement from pre-engagement and detailed planning, execution, and reporting. This was done together with the Senior Consultants and a Junior Consultant as part of training and development of the assurance engagement team.
- Successfully managed the Internal Audit team that performed complex assurance on Joint Investment & External Partner Selection Process at Transnet Group for compliance with the Board's approved Joint Investment & External Partner Selection Framework.
- Monitored the implementation of audit recommendations and agreed management action plan and action due dates.
- Planned and managed follow up audits and addressed repeat findings with the relevant process owners.
- Managed Asset Maintenance Reviews as part of the annual audit plan approved by the Audit Committee at Transnet to perform planned maintenance, proactive maintenance (eyeball inspection) to proactively identify operational problems that may impact the reliability and availability of equipment, and operational efficiency.
- Performed cross-selling of Environmental, Social and Governance (ESG) to our clients as part of business development to land and expand on existing projects at both listed companies and State-owned Enterprises.
- Assisted the Business Development Office to compile both Technical and Financial Proposals to respond to the advertised tenders for Internal Audit Services.
- Drove profitable assurance Internal audit reviews by overseeing the allocated budget and set timelines for reporting and to deliver on the Internal Audit Plan.
- Recommended to management for the development of a standard guideline for timeous capitalisation of newly acquired assets by Operating Divisions. This reduced the number of delays in late capitalisation of assets which resulted in the understatement of assets and depreciation.
- Motivated for the incorporation of ICT systems and Data Analytics Team into the planning phase to ensure that all aspects and risks are considered to deliver the audit efficiently. The results laid bare the anomalies management was not aware of.
- Developed and implemented the new project monitoring tracker for the ongoing projects with a view to aligning with the Service Level Agreement (SLA).
- Documented end to end processes for the critical financial reporting controls systems by interviewing the respective process owners and then confirmed the factual accuracy of the documented systems with the process owners prior to sign-off.
- Raised a value-add audit finding which was subsequently raised by external auditors at year-end on independent calibration of gas meters by the client technicians, instead of placing reliance on the client's customer to provide their meter calibration report. The impact of this was the understatement of revenue.
- Identified gaps on contract management policy during the revenue contract management gap analysis review where the roles and responsibilities of officials to manage the contract were not defined and implemented.
- Identified during the revenue contract management review the inadequate risk management processes to inform business of the impending risks facing the organisation as new regulations were promulgated.
- Compiled and presented draft and final internal audit reports to management.
- Managed all aspects of project preliminary, pre-rating and post-rating close outs with the process owners and the General Manager, ensuring accurate and timely reconciliation of a billing schedule before submission for sign-off to the Chief Audit Executive.
- Compiled Audit Committee Slides, summarising the key findings and themes from the final audit report.
- Implemented the weekly analysis of the Audit Planning Schedule to monitor budgeted hours versus actual hours billed to prevent budget overrun.
- Developed skills mix matrix for the purposes of transferring skills to the junior resources before the commencement of the project detailed planning.
- Initiated system of project analysis (for profitability, human resource utilisation), reporting and recommendations to guide future strategic planning.
- Recommended to the client the implementation of continuous monitoring system of the controls (automation) as opposed to manual controls.
- Developed and implemented, after the approval, a checklist for financial due diligence reviews.
- Performed an adequacy review of the Supply Chain Management (SCM) Policy and made recommendations to management for the regular review of the policy, inclusion of the elements of fraud and corruption, hotlines and whistleblowing. This recommendation was accepted and included in the final draft of the SCM Policy.
- Performed various engagements in line with the Internal Audit Plan, as approved by the Audit Committee on competencies such as the Internal Financial Controls (revenue, fixed assets, supplier payments, financial statement close process, payroll, and inventory), Customer Relationship Management, Revenue Contract Management, Corporate Planning and Monitoring, Commercial (Take or Pay contracts).
- Part of the performance of gap analysis of the corporate plan and overall strategy at Transnet Group prior to approval thereof by the Board.
- Initiated farming and mining opportunities for our regional office, as part of cross-selling to the existing clients for additional assurance and consulting work. The firm secured a follow up audit contract of R5,6 million to assist the Internal Control Champion.
- Recommended for Streamlining the Credit Management Policy by not exceeding the set limits for blue chip companies in SAP system and monthly review of SAP credit management report by management.
- Streamlined Treasury Instruction No. 3 of 2017/18 and recommended for the implementation of cost containment measures on sporting events and social functions.
Financial Accountant
IMPERIAL LOGISTICS
Germiston, Gauteng, South Africa
08.2008 - 06.2012
- Performed financial due diligence prior to the acquisition of Imperial logistics company.
- Reviewed of month end General Ledger reconciliations for validity, accuracy and completeness of figures for the General Ledger Account.
- Assisted the Financial Director in preparing Financial Statement close process for month end packs.
- Working with external auditors on follow up audits, interim audits and year end audits.
- Developed and implemented, after the approval, matrices for unaudited financial statements for Imperial Logistics entities (dormant and active) and for SARS and CIPC returns. No penalties and interests were paid for late submissions since the implementation of the matrices.
- Identified gaps in the CAPEX budget vs CAPEX spend report by each entity within the Group and presented findings to executive management. The report did not factor in the reasons for year-to-date overspending and underspending which should be included in the EXCO pack.
- Initiated a sign-off certificate by the Financial Director to accompany the EXCO pack.
- Redesigned and submitted for approval the monthly debtors & revenue split report template for four entities to include prepared by, first reviewer name and signature and the second review name and signature.
- Developed and submitted for approval the Standard Operating Procedures (SOPs) for the Financial Statement Close Process. This was implemented after the approval thereof by the Finance Committee.
Financial Accountant
AIR CHEFS (PTY) LTD, SAA SUBSIDIARY
11.2006 - 07.2008
- Created a high-performance culture in the team by setting the tone at the top.
- Initiated and prepared a business case for the inclusion of SAP Governance, Risk and Control (GRC) Module for tracking resolved and ready for audit findings raised in prior audit reports. The implementation of SAP GRC resulted in a significant improvement in tracking ageing findings which were not easy to track using manual tracking tool.
- Managed all aspect of governance forum reports that feed into Internal Control Steering Committee and EXCO packs.
- Streamlined cost containment measures and cost optimisation by limiting overtime spend to eighty hours per month and encouraging employees to take leave and reduction in discretionary costs.
Trainee Accountant
NGUBANE & CO. CA (SA)
Durban, KwaZulu-Natal
01.2001 - 12.2005
- Involvement in client audit work from planning (preparation of permanent files and drafting letters to the predecessor auditors prior to acceptance of the new client) to completion of the assignment.
- Performing Agreed upon procedures (yearly head count) for submission to the Bargaining Council.
- Performed an audit on Rule 21 (Trust Account and interest accumulated) by firm of Attorneys to comply with Law Society Requirements.
- Captured source documents on Pastel Accounting up to the Trial Balance.
- Drafting Annual Financial Statements of medium size clients using CaseWare.
- Assisted in Secretarial duties (company and Close Corporation registration and amendments of statutory documents) of clients with CIPC.
- PAYE Returns submission to SARS.
- Submission of Individual Tax Returns to SARS after PAYE Reconciliations.
- Liaising with the team and engagement managers regarding audit work in progress.
- Review of audit files thereby ensuring the efficient completion of the audit process.
- Draft audit reports and management letter points.
- Supervised of stock counts being performed at different branches.
- Performed an audit on Schools sponsored by Blue Chip Companies in Durban.
- Supervised junior resources who were part of the audit team.
- Performed the Audit on asset verification at Msinsi Holdings with Deloitte.
- Performed the Audit on Bank and Cash (bank confirmations) and Debtors (circularisation of debtors) at SAPREF with PwC.
Head of Department - Commerce
SIYABONGA HIGH SCHOOL
KwaDlangezwa, Empangeni, KwaZulu-Natal
01.1999 - 12.2000
- Taught Accounting in Grade 11 and 12.
- Initiated teacher enrichment programme with the South African Institute of Chartered Accountants to keep Educators abreast with the new developments in accounting as a subject.
- Set up Media Centre for Commerce students where donated SAICA Journals (ASA) were accessed by all learners aspiring to be Chartered Accountants through the Thuthuka Project.
Educator – Commercial Subjects
DLANGEZWA HIGH SCHOOL
01.1992 - 12.1998
- Planning curricula and teaching Accounting in Grade 11 and 12.
- Introduced Entrepreneurial Education which was sponsored by Richards Bay Coal Terminal with a view to inculcating the entrepreneurial culture to the students.
Education
MBA -
Management College of Southern Africa (MANCOSA) Graduate School of Business
Durban, KwaZulu NatalFinancial Performance Measurement and Control (FPMC) - undefined
University of South Africa (UNISA)
Tshwane, GautengDiploma in Business Management - undefined
Damelin Management College
Durban, KwaZulu NatalB Paed (Com) - SSTD, B Ed (Hons)
University of Zululand (UNIZUL)
Empangeni, KwaZulu NatalEnvironmental, Social & Governance Specialization - undefined
Corporate Finance Institute (CFI)
Financial Modelling & Valuation Analyst (FMVA) - undefined
Corporate Finance Institute (CFI)
Internal Audit Technician - IAT - undefined
IIA SA
Professional Internal Auditor - PIA - undefined
IIA SA
Skills
Financial Stewardship
Training
- Attended ESG Webinars and Training organised by SkX Protiviti
- Corporate Finance Institute ESG Specialisation
Work Availability
monday
tuesday
wednesday
thursday
friday
saturday
sunday
morning
afternoon
evening
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Certification
Financial Modelling & Valuation Analyst (FMVA)
Accomplishments
- Successfully led internal audit team to complete assurance engagement (Internal Financial Controls) ahead of schedule and within set budgeted hours to Auditor General of South Africa (AGSA) at Transnet Port Terminals and Pipelines. This helped AGSA to place reliance on the control environment based audit worked performed by Internal Auditors.
- Initiated farming and mining opportunities for our regional office, as part of cross-selling to the existing clients for additional assurance and consulting work. The firm secured a follow up audit contract of R5,6 million to assist the Internal Control Champion.
- Developed and implemented the new project monitoring tracker for the ongoing projects with a view to aligning with the Service Level Agreement (SLA).
- Raised a value-add audit finding on lack of independent calibration of gas meters by inhouse technicians, instead of placing reliance on customer technicians to provide their meter calibration report. The impact of this was the understatement of revenue for our client. The reported finding was subsequently confirmed by external auditors at year-end.
Affiliations
- The Institute of Internal Auditors (IIA SA)
Work Preference
Work Type
Full TimeWork Location
On-SiteImportant To Me
Work-life balancePersonal development programsHealthcare benefitsCompany CultureCareer advancementQuote
Opportunities Don't happen.You create them.
Chris Grosser
Software
Languages
English
Advanced (C1)
Interests
I enjoy travelling to the Game Reserve
I enjoy watching golf tournaments
I enjoy running
Timeline
Financial Modelling & Valuation Analyst (FMVA)
03-2025
Director – Business Development (Environmental, Social and Governance – ESG)
NETZERO SA
03.2024 - Current
Internal Audit Manager
SKX PROTIVITI
07.2012 - 02.2024
Financial Accountant
IMPERIAL LOGISTICS
08.2008 - 06.2012
Financial Accountant
AIR CHEFS (PTY) LTD, SAA SUBSIDIARY
11.2006 - 07.2008
Trainee Accountant
NGUBANE & CO. CA (SA)
01.2001 - 12.2005
Head of Department - Commerce
SIYABONGA HIGH SCHOOL
01.1999 - 12.2000
Educator – Commercial Subjects
DLANGEZWA HIGH SCHOOL
01.1992 - 12.1998
Financial Performance Measurement and Control (FPMC) - undefined
University of South Africa (UNISA)
Diploma in Business Management - undefined
Damelin Management College
B Paed (Com) - SSTD, B Ed (Hons)
University of Zululand (UNIZUL)
Environmental, Social & Governance Specialization - undefined
Corporate Finance Institute (CFI)
Financial Modelling & Valuation Analyst (FMVA) - undefined
Corporate Finance Institute (CFI)
Internal Audit Technician - IAT - undefined
IIA SA
Professional Internal Auditor - PIA - undefined
IIA SA
MBA -
Management College of Southern Africa (MANCOSA) Graduate School of Business
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