Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 2 : National Treasury and National Revenue FundPart 1: National Treasury8. Annual consolidated financial statements |
| (1) | The National Treasury must— |
| (a) | prepare consolidated financial statements in accordance with generally recognised accounting practice for each financial year in respect of— |
| (ii) | public entities under the ownership control of the national executive; |
| (iv) | the South African Reserve Bank; |
| (v) | the Auditor-General; and |
| (vi) | Parliament; and |
| (b) | submit those statements for audit to the Auditor-General within three months after the end of that financial year. |
| (2) | The Auditor-General must audit the consolidated financial statements and submit an audit report on the statements to the National Treasury within three months of receipt of the statements. |
| (3) | The Minister must submit the consolidated financial statements and the audit report on those statements within one month of receiving the report from the Auditor-General, to Parliament for tabling in both Houses. |
| (4) | The consolidated financial statements must be made public when submitted to Parliament. |
| (5) | If the Minister fails to submit the consolidated financial statements and the Auditor-General's audit report on those statements to Parliament within seven months after the end of the financial year to which those statements relate- |
| (a) | the Minister must submit to Parliament a written explanation setting out the reasons why they were not submitted; and |
| (b) | the Auditor-General may issue a special report on the delay. |