| (a) | must keep complete accounting records of all assets, liabilities, income and expenses and any other financial transactions of the public centre as a whole of its substructures and of other bodies operating under its authority; |
| (b) | must in each financial year, at such time and in such manner as the Member of the Executive Council may determine, submit a statement of its estimated income and expenditure for the ensuing financial year to the Member of the Executive Council for his or her approval granted with the concurrence of the Member of the Executive Council responsible for finance in that province; |
| (c) | must in any financial year, submit adjusted statements of its estimated income and expenditure to the Member of the Executive Council for his or her approval, granted with the concurrence of the Member of the Executive Council responsible for Finance in that province; and |
| (d) | may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (b) and (c). |
| (2) | If the Member of the Executive Council does not approve the governing body’s statement of its estimated income and expenditure the Member of the Executive Council must require the governing body to provide a revised statement to him or her within a specified period. |
| (3) | The governing body of a public centre must, in respect of the preceding financial year and by a date or dates and in the manner determined by the Member of the Executive Council. provide the Member of the Executive Council with a – |
| (a) | report on the overall governance of the centre; |
| (b) | duly audited or examined statement of income and expenditure; and |
| (c) | balance sheet and cash flow statement. |
| (4) | The governing body of a public centre must provide the Member of the Executive Council with such additional information as the Member of the Executive Council may reasonably require. |
| (5) | The governing body of a public centre must appoint a person registered as an auditor in terms of the Auditing Profession Act, 2005 (Act No. 26 of 2005), to audit the records and financial statements referred to in subsection (1). |
[Section 24(5) substituted by section 24 of Act No. 31 of 2007]
| (6) | If the audit referred to in subsection (5) is not reasonably practicable the governing body of a public centre must appoint a person to examine and report on the records and financial statements referred to in subsection (1) who – |
| (a) | is qualified to perform the duties of an accounting officer in terms of section 60 of the Close Corporations Act, 1984 (Act No, 69 of 1984); or |
| (b) | is approved by the Member of the Executive Council for this purpose. |
| (7) | No person who has a financial interest in the affairs of the public centre may be appointed under this section. |
| (8) | If the Member of the Executive Council deems it necessary, he or she may request the Auditor-General to undertake an audit of the records and financial statements of a public centre. |
