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Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)

Chapter 8 : Responsibilities of Municipal Officials

Part 1 : Accounting officers

63. Asset and liability management


(1) The accounting officer of a municipality is responsible for the management of—
(a) the assets of the municipality, including the safeguarding and the maintenance of those assets; and
(b) the liabilities of the municipality.


(2) The accounting officer must for the purposes of subsection (1) take all reasonable steps to ensure—
(a) That the municipality has and maintains a management, accounting and information system that accounts for the assets and liabilities of the municipality;
(b) that the municipality’s assets and liabilities are valued in accordance with standards of generally recognised accounting practice; and
(c) that the municipality has and maintains a system of internal control of assets and liabilities, including an asset and liabilities register, as may be prescribed.