OVERALL PURPOSE: 

The independent expert is responsible for advising FARC and the Board on the integrity of the statutory financial statements and the work of the external auditors. In conjunction the committee reviews the effectiveness of internal control and risk management arrangements.

DUTIES AND RESPONSIBILITIES:

• Assure FARC that they meet requirements regarding statutory compliance, solvency, and probity.
• Ensure that expert advice is available to the FARC to effectively provide oversight to FSD Africa as required.

To consult with Chair, FARC to scrutinise the FSD Africa (FSDAi) annual budgets for each fiscal year and three – year financial plans. Make appropriate recommendations to the Board for approval taking into consideration:

• Funds and resources available
• Contractual liabilities
• Key changes with financial implications
• Controls & Risk
• Provide internal scrutiny and strong monitoring of the outputs of the Finance & Risk Pillar to FARC.
• Make recommendations to FARC based on financial benchmarking reports.
• Review internal and external reports and make recommendations to Chair, FARC/Board as appropriate.
• Review the effectiveness and integrity of systems of internal controls established to ensure FSD Africa’s Purpose and Values are achieved.
• Monitor the effectiveness and quality of the external audit function to ensure it provides appropriate independent assurance and value for money to FARC and Management.
• Review the effectiveness of systems to assess and mitigate risk.
• Ensure risks are being addressed appropriately through independent scrutiny.
• With the CFO, Consider and monitor management’s responses to any major internal audit, and the timely and appropriate implementation of any recommendations.
• Provide strong independent scrutiny on financial policies, procedures, and the operating framework.
• Participate in the review of financial policies and make appropriate recommendations.
• Make recommendations to FARC and other board committees as necessary and appropriate.
• Participate in the selection process of FSD Africa’s CFO or similar roles.

REPORTING

• The independent advisor will participate in all scheduled FARC meetings and Board meetings as required. The frequency of the meetings is at least four times each fiscal year. They will produce a quarterly /annual report to FARC on the committee’s conclusion to advise the Board including recommendations on the appointment or dismissal or retendering of the external auditor.

QUALIFICATIONS

• Education: Degree in Accounting, Finance, Business, Actuarial Science, or related field
• Experience: Similar role for at least 10 years
• Language: Fluency in both oral and written communication in English
• Knowledge: Proficiency in Microsoft Office Suite and board engagement platforms such as CONVENE.
• Exposure to and understanding of basic investment concepts.
• Good oral and written communication skills with an ability to present information in a clear and concise manner.
• Pro-active and able to thrive in a team-oriented environment while also working autonomously.