South African Schools Act, 1996 (Act No. 84 of 1996) > Chapter 4 : Funding of Public Schools > 43. Audit or examination of financial records and statements

(1)	The governing body of a public school must appoint a person registered as an auditor in terms of the Auditing Profession Act, 2005 (Act No.26 of 2005) to audit the records and financial statements referred to in section 42.

(2)	If the audit referred to in subsection (1) is not reasonably practicable, the governing body of a public school must appoint a person to examine and report on the records and financial statements referred to in section 42, who –

(a)	is qualified to perform the duties of an accounting officer in terms of section 60 of the Close Corporations Act, 1984 (Act No. 69 of 1984); or

(b)	is approved by the Member of the Executive Council for this purpose.

(3)	No person who has a financial interest in the affairs of the public school may be appointed under this section.

(4)	If the Head of Department deems it necessary, on just cause shown, he or she may—

(a)	authorise suitably qualified officers to conduct an investigation into the financial affairs of a public school and, where necessary, after consultation with the governing body, access documents relevant for the purposes of the investigation;

(b)	request the Auditor-General to undertake an audit of the records and financial statements of a public school; or

(c)	appoint forensic auditors or forensic investigators to conduct a forensic investigation into the financial affairs of a public school.

[Section 43(4) substituted by section 32 of the Basic Education Laws Amendment Act, 2024 (Act No. 32 of 2024), Notice No 5212, GG51258, dated 16 September 2024 – effective 24 December 2024 per Proclamation Notice 237 of 2024]

(5)	A governing body must submit to the Head of Department—

(a)	within 30 days after the end of each quarter, a copy of the quarterly report on all income and expenditure in accordance with directives issued by the Head of Department; and

(b)	within six months after the end of each financial year, a copy of the annual financial statements, audited or examined in terms of this section.

[Section 43(5) substituted by section 32 of the Basic Education Laws Amendment Act, 2024 (Act No. 32 of 2024), Notice No 5212, GG51258, dated 16 September 2024 – effective 24 December 2024 per Proclamation Notice 237 of 2024]

(6)	At the request of an interested person, the governing body must make the records referred to in section 42, and the audited or examined financial statements referred to in this section, available for inspection.