Financial Management of Parliament Act, 2009 (Act No. 10 of 2009) > Chapter 8 : Reporting and Auditing > Part 2 : Annual report, financial statements and auditing

(1)

For each financial year, the Accounting Officer must prepare annual financial statements in accordance with the Standards of Generally Recognised Accounting Practice and, in the absence of an applicable standard, in accordance with standards prescribed by the Executive Authority for the purpose of maintaining consistency with other organs of state.

[Section 56(1) amended by section 15 of Act No. 34 of 2014]

(2)	The notes to the annual financial statements must—

(a)	include particulars of the remuneration of the Accounting Officer and senior managers, whether financial or in kind;

(b)	disclose in respect of each bank account held by Parliament during the relevant financial year—

(i)	the name of the bank where the account is or was held, and the type of account; and

(ii)	year opening and year end balances in each of these bank accounts;

(c)	provide a summary of all investments of Parliament as at the end of the financial year; and

(d)	provide particulars of—

(i)	all unauthorised expenditure that occurred during the financial year indicating whether it is recoverable and distinguishing between unauthorised expenditure of appropriated and approved funds, and unauthorised expenditure of donor funds;

(ii)	all material losses, and irregular and fruitless and wasteful expenditure that occurred during the financial year indicating whether these are recoverable;

(iii)

any disciplinary or criminal steps instituted as a result of such losses or unauthorised, irregular or fruitless and wasteful expenditures; and

(iv)	any material losses written off.

Financial Management of Parliament Act, 2009 (Act No. 10 of 2009)