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Skills Development Act, 1998 (Act No. 97 of 1998)


Constitution of the Information Systems (IT), Electronics and Telecommunications Technologies Sector Education and Training Authority (ISETT SETA)

Chapter Twenty-Seven

27. Accounting


27.1 The Chief Executive Officer is the accounting officer of the Authority;


27.2 The accounting officer is responsible for all monies received and payments made by the Authority;


27.3 The financial year of the Authority ends on 31 March in each year;


27.4 The accounting officer must cause records to be kept in accordance with generally accepted accounting principles that are necessary to represent fairly the state of affairs and business of the Authority and to explain the transactions and financial position of the Authority;


27.5 The money received by the Authority must be managed as contemplated in Section 14 (2) and 14 (3) of the Act;
Annual financial statements must be prepared in respect of every financial year. The statement must consist of:
o Balance sheet dealing with the state of affairs of the Authority;
o A return of income received and expenses incurred by the Authority; and
o A statement of cash flow information.


27.6 The books of account, statements of account and annual financial statements of the Authority must be audited annually by the Auditor General. The Auditor General must compile a report on the audit and submit a copy of it to the Minister and the chairperson of the Authority;


27.7 The Chief Executive Officer of the Authority must supply each member of the Authority with a copy of the report to the Auditor General;


27.8 As soon as practicable after the report of the Auditor General has been submitted to the Minister, the Minister must table it in Parliament;


27.9 In order to ensure that the Authority is fully appraised, at all times, of its true financial position, it may, in accordance with this Constitution, appoint an audit committee with specific tasks as may be assigned to it to conduct an audit on the accounting records of the Authority and to report to it at such intervals as it may deem appropriate.