What makes a good internal audit manager?

Duties and Responsibilities

  1. Assists in development of the institution’s annual audit plan.
  2. Manages performance of audit assignments, reviews workpapers and audit reports; edits reports prepared by other auditors.
  3. Schedules and plans audits; initiates project planning, assess risk and develops audit direction.
  4. Performs preliminary planning and establishes direction for audits, provides leadership to assigned auditors, manage project to quality outcomes, while meeting established time budget.
  5. Performs audit work, including plan preparation, workpapers, finding, and associated reports; verifies the accuracy of financial records as they pertain to assets, liabilities, receipts, expenditures, and related transactions.
  6. Coordinates and interacts with Regents, administrators, faculty, and staff, and with external audit and law enforcement agencies, as needed; may be required to testify in court; may also be required to interact with university students and alumni, and with vendors doing business with the university.
  7. Consults with and advises university administrators, faculty, and staff on operational and administrative issues.
  8. Trains new staff, as needed.
  9. Keeps abreast of university policies and procedures, current developments in accounting and auditing professions, and changes in local, state, and federal laws, as applicable.
  10. Coordinates and interacts with audit firms performing external audits of university financial statements.
  11. Participates in development, implementation and maintenance of policies, objectives, short-and long-range planning; develops and implements projects and programs to assist in accomplishment of established goals.
  12. Develops and provides training to university departments as requested.
  13. Performs miscellaneous job-related duties as assigned.

Minimum Job Requirements

  • Bachelor’s degree; at least 5 years of experience directly related to the duties and responsibilities specified. Certification/Licensure Certified Public Accountant (CPA) certification must be active and good standing or must be practicing Certified Internal Auditor (CIA).
  • Completed degree(s) from an accredited institution that are above the minimum education requirement may be substituted for experience on a year for year basis.

Knowledge, Skills and Abilities Required

  • Knowledge of university and/or public auditing policies, standards, and procedures.
  • Ability to work effectively with diverse populations.
  • Ability to supervise and train employees, to include organizing, prioritizing, and scheduling work assignments.
  • Ability to communicate effectively, both orally and in writing.
  • Ability to analyze and solve problems.
  • Skill in examining and re-engineering operations and procedures, formulating policy, and developing and implementing new strategies and procedures.
  • Ability to foster a cooperative work environment.
  • Ability to provide technical guidance and training to end users.
  • Ability to develop, plan, and implement short- and long-range goals.
  • Knowledge of court processes and legal documentation requirements.
  • Ability to provide legal depositions and testimony.
  • Employee development and performance management skills.
  • Knowledge of auditing concepts and principles.
  • Ability to develop and implement audit plans and schedules.
  • Knowledge of financial recordkeeping procedures, laws, regulations, and standards.
  • Ability to persuade and influence others.
  • Knowledge of current changes and/or developments in applicable federal, state, local laws, and university policies and procedures.
  • Ability to analyze data and familiarity with ACL.
  • Understanding of IT control environment.
  • Ability to motivate others and promote teamwork.
  • Knowledge of governmental financial statements auditing and workpaper review.

Conditions of Employment

  • Must maintain certification status.
  • Must be Bondable.

Working Conditions and Physical Effort

  • No or very limited physical effort required.
  • No or very limited exposure to physical risk.
  • Work is normally performed in a typical interior/office work environment.

Student Loans in South Africa: How to Apply and What to Expect

For many young South Africans, accessing higher education is a dream that often comes with a financial challenge. Fortunately, several student loan optionsstrong> are available in South Africa to help fund university, college, or TVET studies. Whether you’re looking for a government loan like NSFAS or a private student loan from a bank, understanding the process is essential for success.

What Are Student Loans?

Student loans are a form of financial aid provided to eligible students to help cover tuition fees, books, accommodation, and other study-related expenses. In South Africa, these loans can come from government institutions like NSFAS or private banks such as Nedbank, Standard Bank, FNB, and Absa. Most loans offer repayment flexibility and low-interest options until you graduate.

Types of Student Loans in South Africa

  • NSFAS (National Student Financial Aid Scheme): A government-funded loan/grant program for students from low-income households. Covers tuition, housing, transport, and meals.
  • Bank Student Loans: Offered by most major banks. These are credit-based and require a guardian or parent as a co-signer.
  • Private Loan Providers: Companies like Fundi offer educational loans covering various costs such as school fees, gadgets, and textbooks.

Requirements to Qualify for a Student Loan

Each provider has its own criteria, but most South African student loans require the following:

  • Proof of South African citizenship or permanent residency
  • Proof of registration or acceptance at a recognised tertiary institution
  • Parent or guardian with a stable income to co-sign (for private loans)
  • Completed application form with supporting documents (ID, proof of income, academic records)

How to Apply for a Student Loan

To apply for a student loan in South Africa, follow these steps:

  1. Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
  2. Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
  3. Complete the application form online or at a branch.
  4. Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
  5. Receive disbursement: Funds are typically paid directly to the institution or your account, depending on the lender.

Loan Amounts and Repayment

The loan amount you can receive depends on your chosen lender and financial need:

  • NSFAS: Covers full tuition, residence, books, and a personal allowance. The loan becomes a bursary if you pass all your courses.
  • Banks: Can provide up to R120,000 or more annually, depending on tuition costs and credit history.

Repayment usually starts after graduation or once you start earning an income. Bank loans may require interest-only payments during your studies. NSFAS repayment only begins when you earn above a specific income threshold.

FAQs on Student Loans in South Africa

1. Can I apply for a student loan without a parent or guardian?

For government loans like NSFAS, yes. But most banks require a financially responsible co-signer, especially for students without an income.

2. Is NSFAS a loan or a bursary?

NSFAS starts as a loan, but it converts to a bursary if you meet academic performance requirements. This means you may not have to pay it back.

3. What is the interest rate on student loans?

Private banks offer competitive rates between 5% and 12%, depending on the applicant's credit profile. NSFAS charges a much lower interest rate, usually linked to inflation.

4. What happens if I fail my courses?

If you’re funded by NSFAS and fail, your loan won’t convert into a bursary, and you’ll need to repay the full amount. Banks may continue charging interest, and your co-signer may be held liable.

5. Can I use a student loan to pay for accommodation and laptops?

Yes. Both NSFAS and many bank student loans cover costs beyond tuition, including housing, meals, textbooks, and electronic devices like laptops or tablets.

Final Thoughts

Student loans in South Africa offer a much-needed financial lifeline to thousands of students every year. Whether you're applying through **NSFAS** or a private bank, ensure you understand the **terms, interest rates, and repayment conditions** before signing any agreement. Make informed decisions today to secure your academic and financial future tomorrow.

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