Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 8 : Responsibilities of Municipal OfficialsPart 1 : Accounting officers63. Asset and liability management |
| (1) | The accounting officer of a municipality is responsible for the management of— |
| (a) | the assets of the municipality, including the safeguarding and the maintenance of those assets; and |
| (b) | the liabilities of the municipality. |
| (2) | The accounting officer must for the purposes of subsection (1) take all reasonable steps to ensure— |
| (a) | That the municipality has and maintains a management, accounting and information system that accounts for the assets and liabilities of the municipality; |
| (b) | that the municipality’s assets and liabilities are valued in accordance with standards of generally recognised accounting practice; and |
| (c) | that the municipality has and maintains a system of internal control of assets and liabilities, including an asset and liabilities register, as may be prescribed. |