Schools-Audit, examination, and financial reporting
Presenters : David Machaba , Lettie Janse van Vuuren CA(SA) , Lucky Menoe
Overview
By 31 March all SGBs are required to appoint relevant accounting and auditing professionals and within three months of their year end present financial statements.
Public schools engage professionals to assist them with their financial management duties in terms of the SA Schools Act 84 of 1996 (SASA).
These professionals include:
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Bookkeepers to help prepare the source document to trial balance.
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Accountants that assist with preparation of financial statements, and filing of tax returns.
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Accounting officers performing an examination of the schools’ financial statements.
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Auditors performing an audit of the schools’ financial statements.
The purpose of this webinar is to update professionals as to the requirements of the SASA, BELA, regulations and recently issued circulars relevant to the services they offer.
The webinar will also provide an update as to developments pertaining to the:
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Examination of financial statements of schools, and the
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Modified-cash-basis of accounting for schools,
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The Draft guideline for financial reporting of public schools.
Learning outcomes
After attending this event you will be able to:
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Assist public schools with the implementation of section 42 and 43 of the South African Schools Act (SASA).
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Assist public schools to improve financial management in schools and adherence to the SASA.
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Understand the governance and compliance environment in which schools operate.
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Understand the different roles and segregated roles of bookkeepers, accountants, accounting officers, and auditors.
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Determine the financial reporting framework most appropriate for public schools.
Course content
The webinar covers the following topics:
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The financial management obligations of Schools as per the SASA, Regulations, BELA, Circulars.
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The root causes of financial mismanagement as per Corruption Watch report.
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Circular M1, M2, M3, M4, M5 of 2017 (when to audit and when to examine by accounting officers)
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Circular M1, M2 of 2018
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Circular M1 of 2019 (PFMA and Schools)
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Schools as public interest entities.
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How to assist Schools with drafting policies related to: internal controls for compliance with SASA, accounting manuals, segregation of duties between bookkeepers and auditors.
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Independence requirements applicable to auditors of Schools:
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Auditing Professions Act, 2005,
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Section 90 of the Companies Act, 2008.
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Section 290 of the IFAC Code of Conduct applicable to auditors.
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Draft SAIBA Guide for examination of financial statements of schools.
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Draft Guideline for the preparation of public school financial statements.
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Role of Bookkeeper vs Accountant vs Accounting Officer vs Auditor.
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How to assist your school client to prepare for an audit.
