National Water Act, 1998 (Act No. 36 of 1998)SchedulesSchedule 4 : Management and Planning of Water Management InstitutionsPart 6 : Records and reporting |
| 32. | Financial records and accountability |
| (1) | The financial year of an institution is for a 12-month period determined by the board. |
| (2) | The board must ensure that the chief executive officer of the institution keeps— |
| (a) | proper records and accounts of the activities, transactions and affairs of the institution and of the board; and |
| (b) | any other records or accounts that are necessary to explain sufficiently the financial operations and financial position of the institution. |
| (3) | The board and the chief executive officer of the institution must each do all things necessary to— |
| (a) | ensure that all money payable to the institution is properly collected; |
| (b) | ensure that all money spent by the institution is properly spent and properly authorised; |
| (c) | ensure that there is adequate control over all assets acquired for the purposes of the institution, or managed or controlled by it; |
| (d) | ensure that all liabilities incurred on behalf of the institution are properly authorised; |
| (e) | ensure efficiency and economy of operations and avoidance of waste and extravagance; |
| (f) | develop and maintain an adequate budgeting and accounting system; and |
| (g) | develop and maintain an adequate financial control system. |
| 33. | Annual report |
| (1) | An institution must, in respect of each financial year, prepare an annual report containing— |
| (a) | a report of its operations during the financial year; |
| (b) | financial statements for the financial year; and |
| (c) | a copy of each directive given to it during that year by the Minister. |
| (2) | The institution must submit the report to the Minister not later than six months after the end of the financial year in question. |
| (3) | The report of operations referred to in subitem (1)(a) must be prepared in a form and contain information determined by the Minister. |
| (4) | The financial statements referred to in subitem (1)(b) must be consistent with generally accepted accounting practices and must contain the information and be prepared in the manner and form determined by the Minister. |
| (5) | Such financial statements must— |
| (a) | fairly present the results of the financial transactions of the institution during the financial year to which they relate and the financial position of the institution as at the end of the year; and |
| (b) | be audited by a chartered accountant appointed by the board. |
| (6) | The institution must publish its annual report and make copies available at the offices of the institution for inspection and purchase by the public. |
| (7) | The institution must— |
| (a) | if it is a catchment management agency, table its annual report in Parliament; |
| (b) | if it is a water user association, send a copy of its annual report to the Secretary to Parliament. |