Labour Relations Act, 1995 (Act No. 66 of 1995)Chapter VI : Trade Unions and Employers" OrganisationsPart A : Registration and Regulation of Trade Unions and Employers" Organisations98. Accounting records and audits |
| (1) | Every registered trade union and every registered employers " organisation must, to the standards of generally accepted accounting practice, principles and procedures: |
| (a) | keep books and records of its income, expenditure, assets and liabilities; and |
| (b) | within six months after the end of each financial year, prepare financial statements, including at least— |
| (i) | a statement of income and expenditure for the previous financial year; and |
| (ii) | a balance sheet showing its assets, liabilities and financial position as at the end of the previous financial year. |
| (2) | Every registered trade union and every registered employers" organisation must arrange for an annual audit of its books and records of account and its financial statements by an auditor who must— |
| (a) | conduct the audit in accordance with generally accepted auditing standards; and |
| (b) | report in writing to the trade union or employers" organisation and in that report— |
| (i) | express an opinion as to whether or not the trade union or employers" organisation has complied with those provisions of its constitution relating to financial matters; and |
| (ii) | if the trade union is a party to an agency shop agreement referred to in section 25 or a closed shop agreement referred to in section 26 express an opinion as to whether or not the trade union has complied with the provisions of those sections. |
| (3) | Every registered trade union and every registered employers" organisation must— |
| (a) | make the financial statements and the auditor"s report available to its members for inspection; and |
| (b) | submit those statements and the auditor"s report to a meeting or meetings of its members or their representatives as provided for in its constitution. |
| (4) | Every registered trade union and every registered employers" organisation must preserve each of its books of account, supporting vouchers, records of subscriptions or levies paid by its members, income and expenditure statements, balance sheets, and auditors reports, in an original or reproduced form, for a period of three years from the end of the financial year to which they relate. |