Summary
Overview
Work History
Education
Skills
Certification
Personal Information
Honours And Awards
Hobbies and Interests
Timeline
Generic
Phelane Makunga

Phelane Makunga

CA(SA)
Halfway Gardens

Summary

I am a qualified Chartered Accountant with 18 years of work experience. I aim to utilize the skills I have obtained during my training as a Chartered Accountant, in new and challenging environments as part of my quest to continuous improvement and learning. I strive to acting with integrity, building solid relationships, committing to lifelong learning, and to teaching and learning whilst delivering high and consistent standards of work.

Overview

20
20
years of professional experience
1
1
Certification

Work History

Head of Technical Finance

Discovery Insure
01.2025 - Current
  • Product Control
  • Participate in the product steering committee
  • Accounting Control
  • Regulatory Reporting – Prudential Authority, SARB, FSCA
  • Equity accounting for all associates
  • Review of entity Management Accounting packs
  • IFRS 17 internal and external audit
  • Financial Reporting and Analytics
  • Preparation of IFRS compliant financial statements and notes – AFS and OneStream
  • Analytical analysis of IFRS results and notes at a statutory, reportable segment and accounting flow level
  • Technical Accounting
  • GAAP and IFRS compliance, training and advice
  • Regulatory and statutory compliance, training and advice
  • Income Tax and VAT compliance, training and advice
  • Reinsurance and treaty accounting compliance, training and advice
  • Governance and Control
  • Balance sheet control and analytical review
  • Conformance testing: Standard operating procedures, automated and manual journals, income statement and balance sheet reconciliations
  • Tracking all risk, governance, internal and external audit findings to green
  • Technology Enablement
  • Set up Onestream Load packs that link to underlying management account workings
  • Set up attributable management expenses on PowerBI
  • Financial Planning and Analysis
  • Finance assistance on new initiatives and products: proof of concept, due diligence, valuations, market research and competitor analysis
  • Assess the viability of all live strategic initiatives against commercials and the J-curve.
  • Preparation of budgets and forecasts for International, Travel and IoT with commentary vs Actual
  • Assist with the preparation of audit committee packs

Senior Specialist: Group Accountant

Discovery Group
08.2023 - 12.2024
  • Assist with producing monthly consolidated management accounts, which include the Group Income statement, Statement of Financial Position, Statement of Other Comprehensive Income, Statement of Changes in Equity, Cash flow statement as well as the preparation of segmental information.
  • This responsibility includes the review of foreign subsidiary translations and all consolidation entries to be processed to produce IFRS compliant results.
  • Produce a consolidated view of the Group budget and forecast for presentation at Group Exco and Discovery Limited Board.
  • Assist with preparing financial results for Discovery Limited Board meetings.
  • Produce the Interim Results and Annual Financial Statements (AFS) for Discovery Limited Group, as well as various other external reports.
  • Provide financial information to the Group Risk team to assist reporting of Solvency and Embedded Value.
  • Assist with ad hoc queries received from the Investor Relations team.
  • Liaising with internal and external auditors.
  • Assisting with the administration of the accounting system (Sage) and reporting tool (Finnivo) for the Discovery Group as and when required.
  • Assist with updating Group AFS pack or monthly management account template changes in Finnivo as and when required.
  • Assist with ad hoc finance queries from business areas.
  • Assist with preparation and review of SENS announcements relating to financial results.
  • Implementation of IFRS 17 group reporting requirements in the consolidation tool (Finnivo and Onestream)

Senior Financial Manager

Sanlam Pan Africa
05.2021 - 07.2023
  • IFRS 17 Implementation
  • Provide end-to-end awareness training to in-country CFOs and accountants on the Sanlam IFRS 17 solution.
  • Testing of in-country IFRS 17 model data for validity, accuracy and completeness.
  • Rollout of new IFRS 17 compliant ERP systems in-country.
  • Analytical Review
  • Analytical review of country Income Statement, Balance Sheet, Statement of Changes in Equity and Notes against budget, forecast and IFRS 17 transition data.
  • Balance Sheet Reconciliation Review and Conformance Testing.
  • Provide commentary to stakeholders on material findings.
  • Drive Change and Digitisation
  • Product process mapping and improvement.
  • Sourcing and collating of data requirement for Management Information (MI) required by various stakeholders.
  • Implementation and rollout of Blackline reconciliation tool to all in-country entities.
  • Rollout of the TM1 MI tool at Head Office level.
  • Provide financial technical support for any digital solution issues experienced in-country.
  • Financial Reporting
  • Full consolidation financial reporting of Sanlam Pan Africa Life and Asset Management entities including intercompany eliminations in HFM, budgets and forecasts.
  • Manage, Develop, and Build
  • Management of 7, all Chartered Accountants, financial managers.
  • Identify opportunities for learning, growth and development for the financial managers.
  • Management costs reporting.
  • Review and consolidation of group cost centre against budget and forecast.
  • Management and oversight of the cost recoveries model from 32 African entities, including service level agreements.
  • Product Control
  • Product process mapping and improvement.
  • New products roll out take on accounting process design and implementation.
  • Product source system to general ledger reconciliation review and tracking of exceptions.
  • Reinsurance Accounting
  • Reinsurance Accounting process mapping and improvement.
  • Provide reinsurance accounting training to in-country accountants.
  • Provide technical assistance on complex reinsurance transactions.
  • Business Performance and Strategy
  • Provide management performance reports tracking actual against budget and forecast.
  • Track all financial risk findings, internal and external, to closure.
  • Prepare EXCO reports, with commentary and dashboard.
  • Provide in-country CFO with technical support, including CFO training and induction, to enable them to meet their strategic objectives.
  • Tasked with starting a finance operations centre of excellence for all product related accounting.

Senior Specialist: Financial Accountant – Liberty Africa Insurance

Liberty Group
06.2019 - 04.2021
  • Matter Expert for IFRS16 for the Rest of Africa entities.
  • Administrator of the IFRS 16 tool.
  • Analytical review off all leases captured.
  • Conformance testing of all leases for validity, accuracy and completeness.
  • IFRS 17 Implementation.
  • Provide end-to-end awareness training to in-country CFOs and accountants on the Liberty IFRS 17 solution.
  • Testing of in-country IFRS 17 model data for validity, accuracy and completeness.
  • Rollout of new IFRS 17 compliant ERP systems in-country.
  • Analytical Review.
  • Analytical review of country Income Statement, Balance Sheet, Statement of Changes in Equity and Notes against budget, forecast and IFRS 17 transition data.
  • Balance Sheet Reconciliation Review and Conformance Testing.
  • Provide commentary to stakeholders on material findings.
  • Drive Change and Digitisation.
  • Product process mapping and improvement.
  • Sourcing and collating of data requirement for Management Information (MI) required by various stakeholders.
  • Provide financial technical support for any digital solution issues experienced in-country.
  • Financial Reporting.
  • Full consolidation financial reporting of Liberty Africa Insurance Life, General Insurance and Asset Management entities including intercompany eliminations in HFM, budgets and forecasts.
  • Preparation of the cluster analyst booklet and hymn sheets used by the executives for the JSE analysts reporting pack.
  • Product Control.
  • Product process mapping and improvement.
  • New products roll out take on accounting process design and implementation.
  • Product source system to general ledger reconciliation review and tracking of exceptions.
  • Reinsurance Accounting.
  • Reinsurance Accounting process mapping and improvement.
  • Provide reinsurance accounting training to in-country accountants.
  • Provide technical assistance on complex reinsurance transactions.
  • Business Performance and Strategy.
  • Provide management performance reports tracking actual against budget and forecast.
  • Track all financial risk findings, internal and external, to closure.
  • Prepare EXCO reports, with commentary and dashboard.
  • Provide in-country CFO with technical support, including CFO training and induction, to enable them to meet their strategic objectives.
  • Seconded to Liberty Life Zambia as Acting Head of Finance for 6 months.
  • Going above and beyond award

Financial Controller: Policy Governance and Control WIMI Rest of Africa

ABSA Group
11.2018 - 05.2019
  • Balance sheet control.
  • Monitor conformance of group finance policies and procedures.
  • Special conformance project management.
  • Technical accounting assistance with IFRS9 and IFRS17.
  • Subject matter expert for insurance entities in the Rest of Africa space.
  • Assisted in resolving reconciliations issues in ABSA Rest of Africa insurance entities that had audit findings.

Product Controller: Equities and Commodities

ABSA Capital
12.2017 - 11.2018
  • Accounting – posting to the General Ledger accurate and timely information.
  • Substantiation of the trading balance sheet – ensuring the full trading balance sheet can be substantiated.
  • Regulatory reporting alignment - ensuring the Balance sheet is aligned to reports send to regulators.
  • Data ownership – Ensuring the quality and accuracy of the data going downstream to other infrastructure areas.
  • Control environment – Overseeing the control environment in which the business operates.
  • P&L review – understanding and providing commentary on the P&L.
  • Reporting – Ensuring reporting is accurate and timely.
  • Control – Continue to implement the on-going control environment and report any deficiencies or issues to managers.
  • Assisted with the treatment of VAT from the source trading system, decreasing manual journal count downstream.

AVP Accountant: Reinsurance AIC and Africa

ABSA Insurance Company Limited
10.2015 - 11.2017
  • Company Overview: Johannesburg
  • Controls and risk management.
  • Compliance.
  • Maintaining client relations.
  • Management and budgeting information.
  • Management Reporting.
  • People Management.
  • Assist with the preparation of the financial statements for reinsurance presentations and disclosures.
  • Liquidity Risk note owner for the CIB cluster.
  • Johannesburg
  • Automated the reinsurance finance and reconciliation process in Microsoft Access.

Technical and Treaty Accountant

Compass Insurance Company Limited
12.2010 - 09.2015
  • Company Overview: Parktown
  • Collect gross monthly underwriting financial data from the UMA.
  • Calculate quota share reinsurance based on net gross insurance numbers.
  • Recording of gross and reinsurance financial data in the general ledger (AS/400, SAP) via interface.
  • Rechecking the TB, per UMA, to the source data for accuracy.
  • Requesting funds to be used for timely payment of the following UMA fees.
  • Preparations of SASRIA Annexure and payment of SASRIA premiums to SASRIA.
  • Calculation of profit commissions per UMA.
  • Attending UMA liaison meetings with Portfolio Management.
  • Ad hoc projects.
  • Assist with the preparation of the financial statements for reinsurance presentations and disclosures.
  • Review and reconciliation of gross insurance information reported by the technical accountants for reasonability.
  • Calculation and capturing of RI information (Quota Share, Surplus, FAC, CUP/PLIP) in access and the GL.
  • Calculation of RI foreign deposit reserves and interest on a quarterly basis.
  • Reconciliation of RI information from access to GL and RI accounts on a monthly and quarterly basis.
  • Allocation of cash paid to or received from reinsurers per UMA, per reinsurer, per underwriting year.
  • Preparation of quarterly reinsurance accounts to reinsurers.
  • Calculation and preparation of Reinsurance profit commissions.
  • Credit control of amounts outstanding.
  • Rechecking of the FAC register prepared by the Reinsurance Portfolio Manager for reasonability.
  • Follow up on any cash outstanding and queries from reinsurers and reinsurance brokers.
  • Recording of gross and reinsurance financial data in the general ledger (AS/400, SAP) via interface.
  • Parktown
  • Automated the reinsurance finance and reconciliation process in Microsoft Access.

Trainee Chartered Accountant, Financial Management Elective

Compass Insurance Company Limited
02.2012 - 04.2015
  • Company Overview: Parktown
  • Financial analysis.
  • Industry research.
  • Credit risk.
  • Preparing financial statement.
  • Budgeting.
  • Business writing skills.
  • Financial management.
  • Taxation.
  • Internal auditing.
  • Valuations.
  • Change management.
  • Parktown

Branch Accountant

Alcatel-Lucent South Africa
01.2010 - 11.2010
  • Company Overview: Centurion
  • Assist Project Managers in setting up new branches in the Middle East and Africa.
  • Ensure the branches adheres to Alcatel-Lucent France policies and procedures for finance and procurement.
  • Ensure the branches adhere to any required local legislation and industry regulations.
  • Verify financial and accounting data provided by the branch on a monthly basis before it is uploaded into SAP.
  • Process branch fund requests to ensure adequate cash flow for the month to meet project commitments.
  • Computation of taxable income for branches to be reviewed approved by tax and trade department in France.
  • Following up on customer overdue receivables for the South East Africa cluster branches.
  • Cost centre analysis for the branches.
  • Project cost analysis for the branches.
  • Facilitate the approval of Investment Requests for the branches.
  • Keep track of headcount and investigate approval process of any additional heads.
  • Monthly fixed cost forecasts for branches.
  • Preparation of annual financial statements and preparation of tax returns.
  • Ensure the branch pays VAT, PAYE and Social Charges to tax authorities.
  • Assist local accountants with any technical accounting issues.
  • Follow up on any internal audit recommendations.
  • Centurion
  • South East Africa Team Award

Consolidations Accountant

Hannover Reinsurance Group Africa
05.2007 - 12.2009
  • Company Overview: Parktown
  • Download, capture and check monthly exchange rates on GL system.
  • Monthly salary interface on GL system.
  • Prepare and maintain fixed asset register for Hannover-re company.
  • Administration and maintenance of users on internet banking system.
  • Prepare monthly financial statements of one of subsidiary companies.
  • Monthly revaluation of subsidiaries.
  • Liaise with home office, subsidiaries and associate companies to meet reporting deadlines.
  • Produce a consolidated group result for the Hannover-re Group Africa.
  • Quarterly reporting to home office in Germany via Package Collector (Actual/Forecast/Plan).
  • Liaise with actuaries for technical ICT figures with other international group subsidiaries and home office (Actual/Forecast/Plan).
  • GDW data verification with home office in Germany.
  • Help with preparation of unit budgets.
  • Prepare quarterly audit file.
  • Assist with audit queries.
  • Participate in IT related projects on behalf of Finance.
  • Prepare account reconciliations.
  • Calculate VAT and Submit VAT Returns on e-filling.
  • Calculation, submission and payment of provisional tax on e-filling.
  • Assist with annual report information.
  • Parktown

Inventory Analyst and Graduate Trainee

Volkswagen Group South Africa
02.2006 - 04.2007
  • Company Overview: Uitenhage
  • Monthly costing of press and purchase parts.
  • Variance analysis of press and purchase parts.
  • Production account recons for press and purchase parts.
  • Updating and reviewing of the costing model for vehicle painting process.
  • Monthly flash reporting for variances.
  • Participate in stock takes on a cyclical basis and for year end.
  • Updating of monthly CKD rates for imported and exported parts within the VW AG group.
  • Monthly costing of FBU vehicles (SEAT).
  • Unit cost of each vehicle shipped from Spain.
  • MNDP credits utilised by each imported vehicle.
  • Update exchange rates applied to vehicles imported per month.
  • Uitenhage

Education

Matric - undefined

Pearson High School
01.2000

BCom Rationum - Computer Science and Information Systems

Nelson Mandela Metropolitan University
01.2005

Certificate in Investment Analysis and Portfolio Management - undefined

University of South Africa
01.2010

Diploma in Management Accounting - (Operational level exams)

Chartered Institute of Management Accountants
01.2011

Post Graduate Diploma in Accounting Sciences - (CTA Level 1)

University of South Africa
01.2012

Post Graduate Diploma in Applied Accounting Sciences - (CTA Level 2)

University of South Africa
01.2014

Skills

  • MS Office
  • SAP
  • AS 400
  • C
  • Java
  • Visual Basics
  • SQL
  • Python
  • Intellimatch
  • Qlickview
  • Front Arena
  • Midbase
  • Oracle/HFM/Smartview
  • Finnivo
  • Onestream
  • TM1

Certification

  • South African Institute of Chartered Accountants, Chartered Accountant, 20055839
  • Harvard Business Publishing Corporate Learning, Lead for Performance and Growth

Personal Information

  • Date of Birth: 1982-08-09
  • Nationality: South African

Honours And Awards

  • 1997, Beta academic award, Umtata High School
  • 1998, Manners are magic award, Pearson High School
  • 2000, Pearson prize for 1st in Mathematics, Pearson High School
  • 2000, Academic full colours, Pearson High School
  • 2010, South-East Africa Team Award, Alcatel-Lucent
  • 2019, Going Above and Beyond Award, Liberty Africa Insurance

Hobbies and Interests

  • Reading business and accounting journals
  • Computer gaming
  • Online share trading

Timeline

Head of Technical Finance

Discovery Insure
01.2025 - Current

Senior Specialist: Group Accountant

Discovery Group
08.2023 - 12.2024

Senior Financial Manager

Sanlam Pan Africa
05.2021 - 07.2023

Senior Specialist: Financial Accountant – Liberty Africa Insurance

Liberty Group
06.2019 - 04.2021

Financial Controller: Policy Governance and Control WIMI Rest of Africa

ABSA Group
11.2018 - 05.2019

Product Controller: Equities and Commodities

ABSA Capital
12.2017 - 11.2018

AVP Accountant: Reinsurance AIC and Africa

ABSA Insurance Company Limited
10.2015 - 11.2017

Trainee Chartered Accountant, Financial Management Elective

Compass Insurance Company Limited
02.2012 - 04.2015

Technical and Treaty Accountant

Compass Insurance Company Limited
12.2010 - 09.2015

Branch Accountant

Alcatel-Lucent South Africa
01.2010 - 11.2010

Consolidations Accountant

Hannover Reinsurance Group Africa
05.2007 - 12.2009

Inventory Analyst and Graduate Trainee

Volkswagen Group South Africa
02.2006 - 04.2007

Matric - undefined

Pearson High School

BCom Rationum - Computer Science and Information Systems

Nelson Mandela Metropolitan University

Certificate in Investment Analysis and Portfolio Management - undefined

University of South Africa

Diploma in Management Accounting - (Operational level exams)

Chartered Institute of Management Accountants

Post Graduate Diploma in Accounting Sciences - (CTA Level 1)

University of South Africa

Post Graduate Diploma in Applied Accounting Sciences - (CTA Level 2)

University of South Africa

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Phelane MakungaCA(SA)