Manager Accounting

Madelene Otto - Curriculum Vitae - Page * of *

Madelene Otto

Fraaiuitsig, Eden/Garden route area. Western Cape

South Africa

Contact no: +27-83-561-****

E-mail: ********.****@*****.***

CURRICULUM VITAE

I am a South African Chartered Accountant with 16 years’ post article experience having been with Maitland Group, Standard Chartered Bank, Old Mutual South Africa (including emerging markets in Africa), PricewaterhouseCoopers Inc. South Africa and PricewaterhouseCoopers LLP in the United States of America.

EMPLOYMENT DETAILS

Alladdsup (self-employed) June 2015 – Current

Compilation, audit and review of various clients’ financial records, financial statements and internal controls consisting of Companies, Closed Corporations, Trusts, Bodies Corporate, Sole Proprietors and individuals. This encompasses performing various financial instrument reporting and tax services. Clients included but was not limited to:

• Maitland Group Cape Town – assisting with product accounting and dividend taxation (Outsourced previously and implementing in-house systems)

• Standard Chartered Bank – assisting as audit manager in Dubai, India and Ghana. This included: o Assessing laws and regulations and adherence thereof for transactional banking purposes o Manageability of streamlining application forms for retail related products; o Documenting flowcharts (including audit work performed) in accordance with relevant Audit Authority in specific country and global SCB practices; o Identification of Inherent/discovery and control risks and mitigating controls in this regard

• Various Chartered accountants/auditing firms/Independent: o Compilation of client’s financial records and financial statements o Audit (external and internal) and review of trial balance o Consultations and advisory services (including management accounting) o Assisting clients with risk assessments and internal control development o Taxation services

o Administration of debtors/creditors and fixed assets

• Exposure to various Bodies Corporate and Home Owners Associations including estates. This included: o Day to day transactions including taxation

o Legislation applicable and Financial statements including Administrative Funds and Reserve Funds and detail budgeting. These include:

Acts

• Community Schemes Services Ombud Act, No 9 of 2011

• Sectional Titles Schemes Management Act, No 8 of 2011

Regulations and Notices

• CSOS Practice Directive No:1 of 2018 Amendment of Practice Directive 1 of 2017 on payment of levies and fees

• CSOS Practice Directive No: 3 of 2017 on the waiver of levies and fees

• CSOS Practice Directive No: 1 of 2017 on the Payment of levies and fees in terms of the Community Schemes Ombud Service

• Chief Ombud’s Circular No. 1 of 2017 on the Implementation of the Sectional Titles Schemes Management Act and Regulations

• Regulations on the Community Schemes Ombud Service: Regulations, 2016

• Community Schemes Ombud Service Regulations: Levies and fees, 2016

• Sectional Title Schemes Management Regulations, 2016

• Researching of, and providing advisory services to Expats on the Taxation Laws Amendment Bill of 2017 that has been fully enacted and will take effect on 1 March 2020. This means that the South African Tax residents abroad have to pay up to 45% of their foreign employment income where it exceeds R1 Madelene Otto - Curriculum Vitae - Page 2 of 5

million. This is because now South African residents are taxed on their world-wide income, whereas non- residents are taxed on their South African source-based income. This may therefore in theory also affect Foreigners working in South Africa, even if they are remunerated by foreign company.

• Assisting Small Medium Enterprises (SME’s) on a volunteer basis regarding the Covid-19 pandemic. This includes research on government funding initiatives and advice on possibilities given their specific industries.

Old Mutual August 2009 – May 2015

Cape Town, South Africa Internal Audit Manager detail I joined Old Mutual in August 2009 as an internal audit manager. My responsibilities have included the planning and coordination of audits, the day-to-day management thereof, and providing value-adding deliverables to the business.

Due to my previous experience with Sarbanes Oxley (SOx) in the USA, I was selected as the Old Mutual Emerging Markets (OMEM) Group Internal Audit (GIA) manager for the Finance Control Initiative (FCI) management testing. The successful delivery of management testing has been my core focus for the last 4 attestation periods. This forms part of the GIA Finance, Risk, Actuarial and Tax (FRAT) team where my other responsibilities include conducting audits in these areas and reporting on control breakdowns to senior stakeholders in order to enhance the overall control environment. My FCI responsibilities include:

• Development and delivery of annual management testing plan for Old Mutual Emerging Markets

(OMEM)

• Assessing and reviewing of key controls that prevent material financial misstatement based on SOx/PCAOB AS 5 principles. This presently includes approximately 461 controls across 22 FCI reporting units in OM (South Africa) and 105 controls from an African perspective

• Owning and maintaining relationships with key FCI stakeholders, both locally and globally

• Management of a team of resources, including external Big 4 insources, for the delivery of management testing for annual attestation purposes

• Development and management of the GIA budget for FCI testing

• Accountable for the delivery of management testing for business controls, General Computer Controls (GCCs) and End User Computing (EUC) controls

• Actively assisting with the identification of key controls and making value-added recommendations for improvements to controls and risk mitigations

• Producing relevant management information (MI) from the Qlikview and Data Controls Tool (DCT) systems

• Assisting with the performance of quality assurance activities for FCI management testing performed globally

• Compiling management testing information for the Group External Attestation Review (GEAR) committee and the Audit Committee

• Performance appraising of internal and insourced staff Other Areas of exposure included:

• Old Mutual Finance (OMF)

A joint venture that specialises in unsecured lending with a focus on the Retail Mass market segment. The business has been in operation for just over 5 years. OMF’s principal business is to provide secured and unsecured lending products, cross sell credit life insurance on these products, as well as developing transactional products for the retail market.

• Africa (Kenya, Namibia and Zimbabwe):

• Life Business Accounting review for the implementation of a new life Policy Administration System. The system encompassed both automated accounting entries based on defined events and accounting triggers specified by the business. In this way accounting semantics followed business activities as they occur, allowing the user to obtain a financial view of the business on a day-to-day basis.

• Assurance on the monitoring, servicing and reporting of control accounts in various African countries result in accurate and valid transactions processed to the ledger and that client service issues are highlighted for remediation.

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• Project Audits on the expansion into Africa to ensure the company’s strategy is being realised.

• Oracle Financials R12/Fusion – Data migration and Control Re-implementation Review

• Treasury review Old Mutual Emerging Markets (OMEM)

• Solvency II knowledge

• Secondment to the Tax Project

• Tasked with finding solutions for Fund mergers on Dividend Withholding Tax (DT).

• Creating automated solutions for manual calculations on both a Dividend Declared and Recipient Information level.

• Assisting with the back filing of data to the South African Revenue Service (SARS) from April 2012 to April 2014 (dates of back filing outstanding).

PricewaterhouseCoopers Inc./LLP (PwC) February 2001 to August 2009 Johannesburg, South Africa Manager detail

On my return from the USA I joined PwC Banking and Capital Markets Group (B&CM) as a manager. My main client portfolio was FirstRand and Standard Bank where I mainly performed integrated assurance engagements in line with International Financial Reporting Standards (IFRS), Companies Act and Bank Act requirements. I was also actively involved during the Financial Intelligence Centre Act (FICA) implementation for Standard Bank and Investec Bank. I reported directly to the B&CM partners and was responsible for approximately 8 – 10 staff members on each engagement. My responsibilities amongst others are set out below.

Planning and co-ordination of the audit that included:

• Client risk assessment procedures

• Scoping of risk areas identified and determining overall and component materiality

• Development of detailed audit approach, plan and procedures

• Budget negotiations in regards to audit fee

• Allocation of audit work to staff

• Liaising with audit partner and senior personnel at the client site Day to day management of the audit that entailed:

• Managing integration of the audit with our IT department and Tax department

• Review of work performed by staff

• Monitoring the work in progress vs. the budget to ensure risk areas are identified timeously

• Communication with client in regards to issues identified on both the audit side and the client side

• Advising the client on their control environment

• Interaction with internal tax department and internal technical department Deliverables and completion

• Review, compilation and finalisation of financial statements including disclosure and tax calculations

• Compiling various reports to management (these include the bi yearly Report on Credit, the Memorandum of examination and the detailed Management Report)

• Billing and collection of monies

Other experienced gained during this period:

• Implementation of IFRS 7 (Disclosure of Financial Instruments) within Financial Services Organisations

• King 3 Reporting Requirements

• Basel II

• Securitisations including taxation thereon

• Special Purpose Vehicles (SPV’s) and taxation thereon

• ISAE 3402 reviews

• Impairment of assets within the 2007/8 financial crisis

• ISA 610 reviews on internal audit

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United States Senior associate detail

I was selected for secondment on 3 different occasions. My first secondment was in 2004 to Phoenix, Arizona for 4 months. This was during the roll out of SOx for all Security Exchange Commission (SEC) US entities. In 2005, I was seconded to Philadelphia, Pennsylvania for 4 months and the US Philadelphia firm requested that I be made available in 2006 for a further 9 months to ensure senior continuity on the US client.

Phelps Dodge Corporation, now General Cable – SEC listed entity: pwc office Phoenix, Arizona(Mining) – My SOx responsibilities entailed:

• Review and compile preliminary process maps to identify key weaknesses and controls

• Review and investigate internal controls in order to identify weaknesses

• Provide recommendations to improve on the controls in place and add value to the client

• Instructing/training junior personnel

• Review of sections performed by junior personnel

• Management of the relationship with the client

Energy East Corporation, now Iberdrola -SEC listed entity: pwc office Philadelphia, Pennsylvania(Utilities) – My corporate lead responsibilities included:

• Review and investigate internal SOx controls in order to identify weaknesses

• Perform substantive audit procedures on the corporate side

• Coaching and work review of the junior team members

• Audit/review of the annual financial statement submitted to Group for consolidation purposes

• Review of work performed by internal audit or reliance purposes American Water Corporation – SEC listed entity: pwc office Philadelphia, Pennsylvania(Utilities) – I was the lead senior on this client and my responsibilities entailed:

• Planning of the audit, including determination of the audit approach

• Review of controls and substantive audit work performed

• Coaching and work review of the junior team members

• Preparation of the group reporting deliverables. American Water had to be converted from US GAAP to IFRS for reporting purposes during the period they were owned by a German Listed Entity

• Audit/review of the Annual Financial Statements (AFS) submitted to Group for consolidation purposes

• Finalisation of the audit and reporting to management

• Assisting with SOx readiness in preparation for an Initial Public Offering (IPO) George, South Africa Manager and Assistant Manager Details In addition to the above manager responsibilities, I was also involved in our Advisory Department for 4 years where we were insourced by the client to fulfil the internal audit function. Our main clients consisted of MTO Forestry and various public sector entities that included Mossel bay Municipality, Knysna Municipality and Eden District Municipality. My main duties consisted of:

• Performance of Risk assessments on our clients with assistance of my manager

• Assisting with the Internal Audit Plan execution

• Reporting to the Audit committee documentation

• Review and investigate internal controls (financial and non-financial) in order to identify weaknesses

• Provide recommendations to improve on the controls in place and add value to the entities

• Compilation of reports to management

• Instructing/training junior personnel

• Review of sections performed by junior personnel

• Managing the team and client to ensure audit effectiveness

• Obtaining knowledge and assisting clients with implementation of new laws and regulations such as Generally Accepted Accounting Practice (GRAP) and Municipal Finance Management Act (MFMA). As a division, we were also involved in assisting the Auditor General with external audits on various entities such as municipalities, the Navy, The South African Army and Air Force. Madelene Otto - Curriculum Vitae - Page 5 of 5

I was also involved in our Entrepreneurial Advice division where I had detailed exposure to:

• The preparation of financial statements for Companies, Close Corporations, Sole proprietors and Trusts

• Calculation of and completion of tax returns (Direct and indirect taxes) EDUCATION DETAILS

University of Stellenbosch (South Africa)

I obtained my Bachelors in Accounting degree in 1999, with my main subjects being Financial Accounting, Auditing, Management Accounting and Taxation. In 2000, I obtained a post-graduate degree in Financial Accounting, specialising in the same subjects, as well as a post-graduate Certificate in the Theory of Accounting (CTA) and Advanced Auditing Certificate. South African Institute of Chartered Accountants (SAICA) I am registered with SAICA as a Chartered Accountant. EXPERIENCE WITH RISK MANAGEMENT

CREDIT RISK

I was the engagement manager at PwC responsible for FNB Homeloans and Standard Bank Vehicle and Asset Finance. This involved ensuring that management have appropriate processes in place throughout the whole credit cycle, from inception of a deal through to subsequent reviews of both specific (detail) and portfolio (overview) impairment.

In GIA, I was the client relationship manager for Old Mutual Finance (Pty) Ltd. The micro lending business includes secured and unsecured products (Old Mutual). For Standard Chartered Bank I was responsible for the internal audit of various credit products.

COMPLIANCE RISK

I was involved in the Bank Act (BA) Returns for the South African Reserve Bank (SARB) at both Standard Bank and FirstRand. I also managed a SARB instructed review of two major banks for compliance with the Financial Intelligence Centre Act. I was also involved in the implementation of the National Credit Act

(NCA).

At Standard Chartered Bank, I was responsible to review compliance of various products to Company Standards and Country Regulations.

FRAUD RISK

My training and experience in the financial services, utilities and mining industry have provided me with a wealth of knowledge and the confidence to identify potential fraud risks. I was also involved in a reportable irregularity and worked closely with our Forensics team. CONTROL RISK

Through the experience gained with my involvement in FCI and SOx-related work at Old Mutual, internal audit at Standard Chartered Bank and in the United States I gained a good understanding of internal controls and their impact on the financial environment.

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