Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 5 : Departments and Constitutional InstitutionsPart 2 : Responsibilities of accounting officers42. Accounting officers' responsibilities when assets and liabilities are transferred |
| (1) | When assets or liabilities of a department are transferred to another department or other institution in terms of legislation or following a re-organisation of functions, the accounting officer for the transferring department must— |
| (a) | draw up an inventory of such assets and liabilities: and |
| (b) | provide the accounting officer for the receiving department or other institution with substantiating records, including personnel records of staff to be transferred. |
| (2) | Both the accounting officer for the transferring department and the accounting officer for the receiving department or other institution must sign the inventory when the transfer takes place. |
| (3) | The accounting officer for the transferring department must file a copy of the signed inventory with the relevant treasury and the Auditor-General within 14 days of the transfer. |