Further Education and Training Colleges Act, 2006 (Act No. 16 of 2006)Chapter 5 : Funding of Public Colleges25. Financial records and statements of public colleges |
| (1) | The council of a public college must, in the manner determined by the Member of the Executive Council— |
| (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 35 No. 1 of 1999). |
| (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 Member of the Executive Council, provide the Member of the Executive Council 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. |
| (4) | The council of a public college must provide the Member of the Executive Council with such additional information as the Member of the Executive Council may require. |