The SA Schools Act 84 of 1996 (SASA) governs the establishment and operations of public schools. Schools must be accountable for the money received from parents and government.
Audit: Section 43(1) requires a governing body of a public school to appoint a person to audit the records and financial statements. This person must be a registered auditor in terms of the Auditing Profession Act 26 of 2005.
Accounting officer: If an audit is not reasonably practicable, the governing body of the school may appoint a CIPC verified Accounting Officer to examine and report on the records and financial statements of the school subject to obtaining appropriate authorization from the provincial government.
Financial records: Schools must keep proper books and financial records in the specified format and submit various reports to the SGB, parents and education departments.
According to the South African Schools Act, the governing body of a public school must draw up annual financial statements in accordance with the guidelines determined by the Member of the Executive Council within three months of the end of each financial year.
Within six months of the end of each financial year, a copy of the annual audited financial statements must be submitted to the heads of the regional education department. This is the guidance from the National Department of Basic Education.