Continuing Education and Training Act, 2006 (Act No. 16 of 2006)Chapter 6 : Private Colleges34. Records and audits |
| (1) | Every private college must, in accordance with generally accepted accounting practice, principles and procedures— |
| (a) | keep books and records of income, expenditure, assets and liabilities; and |
| (b) | prepare financial statements within three months after the end of its financial year, including at least — |
| (i) | a statement of income and expenditure for the previous year; |
| (ii) | a balance sheet as at the end of the previous year; and |
| (iii) | such other information as the registrar may require. |
| (2) | Every private college must, within the period determined by the registrar— |
| (a) | ensure that an annual audit of its books, records of account and financial statements is carried out by an auditor, who must conduct the audit in accordance with generally accepted auditing standards; |
| (b) | furnish the registrar with a certified copy of the auditor's report in respect of the financial statements referred to in subsection (1); and |
| (c) | furnish the registrar with any additional information, particulars or documents in the manner detemined by the registrar. |