Kgotso Phuti Sako RGA

External Audit Experience

Audit Planning

• Ensure the audit team possesses the necessary skills and expertise.
• Coordinate with the manager/senior manager to ensure appropriate staff planning for the engagement.
• Effectively plan and scope the audit assignment, including resource allocation, defining deadlines, and implementing and monitoring project management.
• Allocate audit components/sections to the team based on their skill levels and areas for development.
• Conduct research to gain a thorough understanding of the auditees business environment and identify potential risks affecting the audit process.
• Implement quality control measures to ensure the integrity and reliability of the audit process.
• Communicate the audit plan to relevant stakeholders, including audit committee members and senior management.
• Address any concerns or questions raised by stakeholders during the planning phase.
• Allocate appropriate resources, including staff, time, and technology, to effectively execute the audit plan.
• Collaborate with key stakeholders, including management and audit team members, to discuss the audit plan, objectives, and expectations.
• Determine materiality thresholds, considering the size, nature, and circumstances of financial statement elements.
• Collaborate with the audit team to discuss identified risks and develop procedures to mitigate them.
• Conduct research to identify new audit focus areas.
• Discuss new focus areas with RA teams to potentially secure additional audit work for the Business Unit.
• Compile audit plans and/or procedures for the identified focus areas.
• Review and discuss audit objectives, approach, focus areas, and criteria
  with the audit team in accordance with AGSA methodology.
• Perform client base environmental scanning to inform value-added/ integrated audits.
• Stay informed about any news or developments related to the auditee or its industry.
• Take the initiative to organize and facilitate a planning meeting for the engagement team to ensure a shared understanding of the auditees service objectives and risk areas.
• Facilitate entrance engagement meetings with auditee management to discuss scope, focus areas, objectives, methodology, due dates, and request relevant contact names, policies, procedures, and other information to support a successful audit.

Audit Execution

• Lead and oversee the team to ensure the audit process (planning, execution, and reporting) adheres to required quality standards.
• Offer guidance on audit procedures to non-audit personnel.
• Regularly inspect audit working papers for accuracy and completeness.
• Mentor and train Trainee Accountants/Auditors to accomplish tasks and achieve competencies.
• Create detailed, accurate, and comprehensive working papers, encompassing audit objectives, procedures, work conducted, findings, and conclusions.
• Formulate actionable findings along with practical recommendations
  targeting root causes.
• Engage in discussions with external stakeholders to validate the
  accuracy of audit findings.
• Maintain regular communication with auditee management via audit steering committees and audit committees.
• Provide consistent updates on audit progress to the engagement manager.
• Produce high-caliber audit outputs.
• Meet designated deadlines for audit deliverables.
• Collaborate with integrated audit teams.
• Address and implement coaching feedback effectively.

Audit Reporting

• Compile a management report that adheres to expected quality standards, ensuring factual accuracy and completeness, supported by audit evidence.
• Scrutinize both the audit and management reports to verify compliance with pertinent audit and quality standards and engage in discussions regarding the findings with the manager/senior manager.

Post Execution Phase

• Present the manager/senior manager with a comprehensive breakdown encompassing times, costs, and explanations for any overruns encountered by the entire engagement team.
• Guarantee timely completion and submission of all deliverables.
• Accurately cross-reference financials with the final lead schedules.
• Assume responsibility for finalizing the audit file, ensuring all review necessities are fulfilled, and timely backup is performed.
• Proactively engage in providing upward feedback to my manager/ senior manager and actively participate in preparing Learning Outcome Reviews for trainees.

Stakeholder engagements

• Collaborate with pertinent stakeholders, both internal and external, to ensure efficient coordination, communication, and comprehensive
  coverage of pertinent audit matters.
• Assist the audit team in connecting with relevant contacts within the audited organization to obtain necessary audit documentation.
• Compile appropriate documentation for stakeholder engagements for managerial and senior management review.
• Promote the significance of performance audits and devise strategies for disseminating insights, risks, and experiences to various audit
  Business Units on a regular basis.
• Cultivate strategic and value-driven relationships with key stakeholders within audited entities to garner support throughout the audit lifecycle.
• Coordinate with key stakeholders within audited organizations to furnish pertinent information, bolstering oversight structures.
• Aid in crafting presentations for audit report discussions with parliamentary committees.
• Engage with private audit firms regarding the outsourcing of audit contracts.

People Management

• Collaborate with pertinent stakeholders, both internal and external, to ensure efficient coordination, communication, and comprehensive
  coverage of pertinent audit matters.
• Assist the audit team in connecting with relevant contacts within the audited organization to obtain necessary audit documentation.
• Compile appropriate documentation for stakeholder engagements for managerial and senior management review.
• Promote the significance of performance audits and devise strategies for disseminating insights, risks, and experiences to various audit
  Business Units on a regular basis.
• Cultivate strategic and value-driven relationships with key stakeholders within audited entities to garner support throughout the audit lifecycle.
• Coordinate with key stakeholders within audited organizations to furnish pertinent information, bolstering oversight structures.
• Aid in crafting presentations for audit report discussions with parliamentary committees.
• Engage with private audit firms regarding the outsourcing of audit contracts.

Financial Management

• Contribute input to compile the central budget, identifying value-added areas.
• Monitor both personal and team recoverability, adjusting resource allocation to meet budget objectives.
• Take charge of following up with debtors, processing invoices, and overseeing CWC budget tracking.
• Oversee project finances, including budget management, timely invoicing and payment collection, and recognizing variances.

Ad-hoc duties

• Undertake and/or oversee additional projects, duties, and tasks as needed, even if they are not explicitly outlined in the job description.

Projects worked on

• Intsika Yethu Municipality
• Ingquza Hill Municipality
• Department of Human Settlement

External Audit Experience
Audit Planning

• Managing multiple audit engagements simultaneously, prioritizing tasks, and allocating resources efficiently to meet deadlines and deliver
  high-quality results.
• Building and maintaining positive relationships with clients by providing excellent service, demonstrating professionalism, and addressing
  any concerns or issues promptly and effectively.
• Staying abreast of changes in auditing standards, regulations, and industry trends through ongoing training and professional development activities.
• Maintaining relevant certifications and licenses.
• Ensuring all audit working papers, findings, and conclusions are accurately documented in accordance with auditing standards and firm policies.
• Preparing audit reports summarizing findings, conclusions, and recommendations for management and audit committees.
• Reviewing audit working papers, reports, and documentation to ensure accuracy, completeness, and compliance with professional standards.
• Following up on any identified deficiencies and providing coaching or training as needed.
• Ensure that the audit team possesses the necessary skills and expertise.
• Coordinate with the manager/senior manager to ensure appropriate staff planning for the engagement.
• Effectively plan and define the scope of the audit assignment, including resource allocation, deadlines, and implementation of suitable project management practices.
• Allocate audit components/sections to the team based on their skill levels and areas for improvement.
• Conduct thorough research to understand the auditees business environment and identify potential risks to the audit process.
• Collaborate with the audit team to identify and mitigate risks through established procedures.
• Perform environmental scanning of the client base to inform value-added/integrated audits.
• Stay updated on news and developments relevant to the auditee or its industry.
• Take the lead in organizing and facilitating planning meetings for the engagement team to ensure a comprehensive understanding of the
  auditees service objectives and risk areas.
• Facilitate entrance engagement meetings with auditee management to discuss scope, focus areas, objectives, methodology, due dates,
  and request necessary information.
• Review planning documentation thoroughly.

Audit Execution

• Conduct audits efficiently.
• Provide guidance and support to the team to ensure audits are conducted according to quality standards from planning to reporting.
• Offer audit advice to non-audit personnel.
• Regularly inspect audit working papers for accuracy and completeness.
• Mentor and train Trainee Accountants/Auditors to fulfill tasks and achieve competencies.
• Compile comprehensive and accurate working papers detailing audit objectives, procedures, completed work, findings, and conclusions.
• Generate actionable recommendations addressing root causes in audit findings.
• Validate audit findings with external stakeholders for accuracy.
• Maintain regular communication with auditee management via audit steering committee and audit committees.
• Keep the engagement manager informed of audit progress.
• Produce high-quality audit reports.
• Adhere to specified deadlines for audit completion.
• Collaborate effectively with integrated audit teams.
• Address and resolve coaching notes promptly.

Audit Reporting

• Produce a comprehensive management report that adheres to factual accuracy and completeness standards, aligning with expected quality benchmarks and substantiated by audit evidence.
• Scrutinize both the audit and management reports to verify their conformity with pertinent audit and quality criteria, engaging in discussions with the manager/senior manager regarding any identified findings.

Post Execution Phase

• Present the manager/senior manager with a comprehensive breakdown of time, expenses, and explanations for any project delays across the entire engagement team.
• Guarantee timely completion and submission of all deliverables.
• Accurately cross-reference financials with the final lead schedules.
• Take charge of finalizing the audit file, ensuring all review tasks are fulfilled and timely backups are made.
• Proactively provide upward feedback for my manager/senior manager and actively participate in preparing Learning Outcome Reviews for trainees.

Stakeholder engagements

• Collaborate with pertinent stakeholders, both internal and external, to ensure seamless coordination, communication, and comprehensive coverage of pertinent audit matters.
• Assist the audit team in engaging with designated contacts at the audited organization to facilitate the submission of necessary audit documentation.
• Compile requisite documentation for stakeholder interactions, catering to the needs of managers and senior managers.
• Promote the significance of performance audits, devising strategies to disseminate insights, risks, and experiences to various business
  units regularly.
• Cultivate strategic and value-enhancing partnerships with key stakeholders within audited organizations to garner support throughout the audit process.
• Coordinate with key stakeholders within audited organizations to furnish pertinent information, empowering oversight structures effectively.

People Management

• Proactively handle any personnel issues within the team.
• Oversee performance management, including addressing underperformance, to align with organizational objectives.
• Offer on-the-job training, coaching, and mentorship to foster team growth and effectiveness.
• Ensure Trainee Auditors gain requisite exposure to audit components, meeting SAICA standards.
• Manage staff scheduling and hours effectively.
• Monitor and evaluate staff performance regularly.
• Delegate tasks to team members efficiently.
• Lead and support staff to maintain seamless workflow.

Financial Management

• Contribute inputs for compiling the central budget, focusing on value-added areas.
• Monitor the recoverability of oneself/team and effectively manage resources to meet budget objectives.
• Oversee project financials, encompassing budget management, timely invoicing, collections, and identifying variances.

Ad-hoc duties

• Undertake and/or oversee additional projects, duties, and responsibilities as needed, even if not explicitly outlined in the job description.

Projects worked on

• Transnet Port Terminals
• South African Qualifications Authority
• Legal Aid South Africa
• Johannesburg Metropolitan Bus Services

Internal Audit Experience

Audit Planning

• Compile a three year rolling risk based audit plan and an annual flexible operational plan for review by Audit Manager and Chief Audit Executive.
• Ensure that the reviewed and signed three year rolling risk based audit plan and annual flexible operational are submitted to the Audit Committee for review and approval
• Develop policies and procedures for the review by Audit Manager.
• Coordinate and control audit assignments associated with the internal audit functionality through conducting of preliminary investigations.
• Undertake researches/analysis, development, implementation of information and systems audit.
• Determine critical areas and audit criteria from the preliminary survey.

Audit Execution

• Complete the audit as per the audit plan.
• Receive instructions/details from the Internal Audit Manager and formulating a conclusion in respect of conducting preliminary investigations.
• Review financial statements to provide credibility to the financial affairs of the auditee.
• Observe and detect findings through audit tests performed and/or review findings observed by the audit team.
• Advise and consult with the auditee officials in the various auditees departments independently or in conjunction with the Manager at various functional levels top guide them on specific aspects of control and/or the audits being conducted in their areas of responsibility

Audit Reporting

• Prepare the draft audit reports which include, major findings, causes, impact and recommendations, and communicate the finding and recommendation of the draft audit report verbally with the auditee to reach consensus and clarity.

Post Execution Phase

• Perform follow-up audits to monitor implementation of audit recommendation.

Stakeholder Management

• Coordinate and report to Auditor-General, National Treasury and Provincial Treasury.
• Report to the Performance and Audit Committee.

Projects worked on

• South African Maritime Safety Authority.
• Government Employees Medical Scheme

External Audit Experience

Audit Planning

• Identify issues or discrepancies in financial records and collaborate with team members to resolve them efficiently.
• Maintain organized records of financial documents, reports, and correspondence for easy retrieval and reference.
• Support senior accountants or managers in special projects such as system implementations, process improvements, or financial analysis
  initiatives.
• Participate in the implementation and maintenance of internal controls to safeguard assets and prevent fraud.
• Continuously expand your knowledge of accounting principles, regulations, and industry trends through training sessions, seminars, and self-study.
• Liaise with other departments or external stakeholders to gather financial information, resolve queries, and ensure accurate reporting.
• Perform basic financial analysis to evaluate business performance, identify trends, and make recommendations for improvement.
• Support in tax preparation activities, including gathering relevant financial data, preparing tax returns, and ensuring compliance with local tax laws and regulations.
• Assist in the preparation of budgets and financial forecasts, analyzing variances between actual and projected figures.
• Finalize the audit planning working paper.
• Stay updated on any relevant news or advancements concerning the auditee or its industry.
• Collaborate with the assistant manager to develop an audit budget and convey it to the audit team.

Audit Execution

• Make sure all audit tasks are finished and any discoveries are reported to the assistant manager, with all review comments addressed.
• Clearly record and discuss any potential findings with the auditee, documenting them in a way that facilitates their inclusion in the final
  management report.
• Thoroughly address review comments and provide detailed explanations on the work papers.

Audit Reporting

• Support the assistant manager in preparing specific sections of the management report to meet the required quality standards.

Post Execution Phase

• Ensure timely completion and submission of all deliverables.
• Accurately reference financials to the final lead schedules.

Stakeholder engagements

• Collaborate with pertinent stakeholders, both internal and external, to ensure seamless coordination, communication, and comprehensive coverage of pertinent audit matters.
• Assist the audit team in communicating with designated contacts at the audited entity to obtain necessary audit documentation.

People Management

• Discover chances for staff growth by providing on-the-job coaching and supporting junior trainees in coaching first-year employees.
• Collaborate with the audit team to ensure their motivation, enthusiasm, and commitment to delivering excellent work, to a certain extent.
• Oversee team performance and offer targeted support to enhance performance, within defined limits.

Financial Management

• Contribute input towards compiling the audit budget.
• Keep track of one's own recoverability.

Projects worked on

• Transnet Port Terminals
• Legal Aid South Africa
• Johannesburg Metropolitan Bus Services
• Department of Public Works and Infrastructure
• City of Tshwane Metropolitan Municipality
• South West Gauteng TVET College
• Workmen's Compensation Fund – Department of Labour

Internal Audit Experience
Audit Planning

• Assist in compiling a three year rolling risk based audit plan and an annual flexible operational plan for review by Audit Manager and Chief Audit Executive.
• Assist in developing policies and procedures for the review by Audit Manager.
  
  Audit Execution
• Complete the audit as per the audit plan.
• Receive instructions/details from the Internal Audit Manager and formulating a conclusion in respect of conducting preliminary investigations.
• Review financial statements to provide credibility to the financial affairs of the auditee for the review of the Internal Audit Manager.
• Prepare the audit working papers for the review of the Internal Audit Manager.
  
  Audit Reporting
• Assist in the Preparation of the draft audit reports which include, major findings, causes, impact and recommendations, and communicate the finding and recommendation of the draft audit report verbally with the auditee to reach consensus and clarity.
  
  Post Execution Phase
• Assist in Performing follow-up audits to monitor implementation of audit recommendation.
  
  Stakeholder Management
• Take part as an audit team member in Coordination and reporting to Auditor-General, National Treasury and Provincial Treasury.
  Report to the Performance and Audit Committee.
  
  Projects worked on
• Gauteng Partnership Fund
• Westcol TVET College

External Audit Experience

Audit Planning

• Identify issues or discrepancies in financial records and collaborate with team members to resolve them efficiently.
• Maintain organized records of financial documents, reports, and correspondence for easy retrieval and reference.
• Support senior accountants or managers in special projects such as system implementations, process improvements, or financial analysis initiatives.
• Participate in the implementation and maintenance of internal controls to safeguard assets and prevent fraud.
• Continuously expand your knowledge of accounting principles, regulations, and industry trends through training sessions, seminars, and self-study.
• Liaise with other departments or external stakeholders to gather financial information, resolve queries, and ensure accurate reporting.
• Perform basic financial analysis to evaluate business performance, identify trends, and make recommendations for improvement.
• Support in tax preparation activities, including gathering relevant financial data, preparing tax returns, and ensuring compliance with local tax laws and regulations.
• Assist in the preparation of budgets and financial forecasts, analyzing variances between actual and projected figures.
• Finalize the audit planning working paper.
• Stay updated on any relevant news or advancements concerning the auditee or its industry.
• Collaborate with the assistant manager to develop an audit budget and convey it to the audit team.

Audit Execution

• Make sure all audit tasks are finished and any discoveries are reported to the assistant manager, with all review comments addressed.
• Clearly record and discuss any potential findings with the auditee, documenting them in a way that facilitates their inclusion in the final management report.
• Thoroughly address review comments and provide detailed explanations on the work papers.

Audit Reporting

• Support the assistant manager in preparing specific sections of the management report to meet the required quality standards.

Post Execution Phase

• Ensure timely completion and submission of all deliverables.
• Accurately reference financials to the final lead schedules.

Stakeholder engagements

• Collaborate with pertinent stakeholders, both internal and external, to ensure seamless coordination, communication, and comprehensive coverage of pertinent audit matters.
• Assist the audit team in communicating with designated contacts at the audited entity to obtain necessary audit documentation.

People Management

• Discover chances for staff growth by providing on-the-job coaching and supporting junior trainees in coaching first-year employees.
• Collaborate with the audit team to ensure their motivation, enthusiasm, and commitment to delivering excellent work, to a certain extent.
• Oversee team performance and offer targeted support to enhance performance, within defined limits.

Financial Management

• Contribute input towards compiling the audit budget.
• Keep track of one's own recoverability.

Projects worked on

• Airports Company South Africa

Internal Audit Experience

Audit Planning

• Assist in compiling a three year rolling risk based audit plan and an annual flexible operational plan for review by Audit Manager and Chief Audit Executive.
• Assist in developing policies and procedures for the review by Audit Manager.

Audit Execution

• Complete the audit as per the audit plan.
• Receive instructions/details from the Internal Audit Manager and formulating a conclusion in respect of conducting preliminary investigations.
• Review financial statements to provide credibility to the financial affairs of the auditee for the review of the Internal Audit Manager.
• Prepare the audit working papers for the review of the Internal Audit Manager.

Audit Reporting

• Assist in the Preparation of the draft audit reports which include, major findings, causes, impact and recommendations, and communicate the finding and recommendation of the draft audit report verbally with the auditee to reach consensus and clarity.

Post Execution Phase

• Assist in Performing follow-up audits to monitor implementation of audit recommendation.

Stakeholder Management

• Take part as an audit team member in Coordination and reporting to Auditor-General, National Treasury and Provincial Treasury. Report to the Performance and Audit Committee.

Projects worked on

• Department Of Higher Education and Training