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Continuing Education and Training Act, 2006 (Act No. 16 of 2006)

Chapter 5 : Funding of Public Colleges

25. Financial records and statements of public colleges

 

 

(1) The council of a public college must, in the manner determined by the Minister
(a) keep records of all its proceedings;
(b) keep complete accounting records of all assets, liabilities, income and expenses and any other financial transactions of the public college as a whole, of its substructures  and of other bodies operating under its auspices; and
(c) implement internal audit and risk management systems which are not inferior to the standards contained in the Public Finance Management Act, 1999 (Act No. 1 of 1999).

[Subsection (1) amended by section 17(a) of Act No. 3 of 2012]

 

(2) The council of a public college must appoint an auditor to audit the records and financial statements referred to in this section.

 

(3) The council of a public college must, in respect of the preceding financial year, and by a date or dates and in the manner determined by the Minister, provide the Minister with—
(a) a report on the overall management and governance of the college;
(b) a report on the overall performance of students on the programmes offered by the college;
(c) a duly audited statement of income and expenditure; and
(d) a balance sheet and cash flow statement.

[Subsection (3) amended by section 17(b) of Act No. 3 of 2012]

 

(4) The council of a public college must provide the Minister with such additional information as the Minister may require.

[Subsection (4) substituted by section 17(c) of Act No. 3 of 2012]

 


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