Public Audit Act, 2004 (Act No. 25 of 2004)Memorandum of Agreement (2020)4. Process to determine an estimate of the funds required annually as a direct charge |
The Parties agree on the following process in order to determine the amount required for purposes of section 23(6) as a direct charge against the National Revenue Fund:
Party responsible |
Activity |
Conclusion date |
AGSA |
AGSA submits a draft list of auditees that of which the planned audit fees exceeds one percent of the total current and capital expenditure of such auditee for the relevant financial year to NT for its review and comments. |
1 April |
NT |
NT submits comments on the draft list to AGSA |
15 April |
AGSA |
AGSA submits second draft list to NT |
23 April |
AGSA & NT |
Joint AGSA/NT working committee for final consideration and approval of list |
15 May |
AGSA |
AGSA submits the list of auditees approved by the joint AGSA/NT working committee to NRF office for the purposes of the next MTEF |
1 June |
AGSA |
Consultation date as per regulations (AGSA to submit consultation pack to NT) |
1 July |
NT |
NT to provide any response/inputs on the consultation pack |
1 August |
AGSA |
AGSA submits the list of auditees approved by the joint AGSA/NT working committee to NRF office for the purposes of Estimate of National Expenditure |
1 November |
AGSA |
AGSA invoices the NRF office |
From 1 April of every year |