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Amended Labour Relations Act

by lloyd last modified 2010-08-26 02:59

53. Accounting records and audits

Labour Relations Act (No. 66 of 1995 )
as amended by the
Amendment - Afrikaans Labour Relations Act 1998, Amendment - Labour Relations Act 1996, Amendment - Labour Relations Act 1998, Amendment - Labour Relations Act 2000, and  Amendment - Labour Relations Act 2002

Chapter 3 : Collective Bargaining


Part F : General Provisions Concerning Councils


53. Accounting records and audits

(1)           Every council must, to the standards of generally accepted accounting practice, principles and procedures (a) keep books and records of its income, expenditure, assets and liabilities; and

(b)          within six months after the end of each financial year, prepare financial statements, including at least-

(i)             a statement of income and expenditure for the previous financial year; and

(ii)           balance sheet showing its assets, liabilities and financial position as at the end of the previous financial year.

(2)           Each council must arrange for an annual audit of its books and records of account and its financial statements by an auditor who must-

(a)          conduct the audit in accordance with generally accepted auditing standards; and

(b)          report in writing to the council and in that report express an opinion as to whether or not the council has complied with those provisions of its constitution relating to financial matters.

(3)           Every council must-

(a)          make the financial statements and the auditor's report available to the parties to the council or their representatives for inspection; and

(b)          submit those statements and the auditor's report to a meeting of the council as provided for in its constitution.

(4)           Every council must preserve each of its books of account, supporting vouchers, income and expenditure statements, balance sheets, and auditor's reports, in an original or reproduced form, for a period of three years from the end of the financial year to which they relate.

(5)           The money of a council or of any fund established by a council that is surplus to its requirements or the expenses of the fund may be invested only in-

(a)          savings accounts, permanent shares or fixed deposits in any registered bank or financial institution;

(b)          internal registered stock as contemplated in section 21 of the Exchequer Act, 1975 (Act No. 66 of 1975);

(c)           a registered unit trust; or

(d)          any other manner approved by the registrar.

(6)           A council must comply with subsections (1) to (5) in respect of all funds established by it, except funds referred to in section 28(3).


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