Public Audit Act, 2004 (Act No. 25 of 2004)Chapter 4: Administration of Auditor-GeneralPart 3: Financial administration38. Budget and business plan |
| (1) | The affairs of the Auditor-General must be conducted in accordance with a budget and business plan prepared by the Auditor-General for each financial year which must include— |
| (a) | estimates of revenue and expenditure, for the year to which it relates; |
| (b) | projected revenue and expenditure for the two financial years following the year to which the budget and business plan relates; and |
| (c) | the basis on which audit fees for the year to which the budget relates and the following two years are to be calculated. |
| (2) | The Auditor-General must at least six months before the start of a financial year submit the budget and business plan referred to in subsection (1) to – |
| (a) | the oversight mechanism; and |
| (b) | the National Treasury, for planning of and preparing the national annual budget. |
| (3) | The oversight mechanism must consider the budget and business plan and within two months of receipt thereof submit its recommendations to – |
| (a) | the Speaker for tabling in the National Assembly; and |
| (b) | the National Treasury. |
| (4 | The Auditor-General may, after consultation with the National Treasury and by agreement with the oversight mechanism, at the end of a financial year retain for working capital and general reserve requirements, any surplus as reflected in the financial statements or a portion thereof. The portion of a surplus not retained must be paid into the National Revenue Fund. |