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Amended Labour Relations Act
53. Accounting records and audits
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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