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  • Asset Management includes: Safe guarding of Assets; Annual Stock Takes; Board of Survey and if necessary Board of Enquiry
  • Reporting must include as a minimum requirement: Monthly Budget Variance; Monthly Income and Expenditure to the Circuit Office; Quarterly Income and Expenditure AND Budget Variance to the Education District Office; Audited Annual Financial Statements to the Provincial Head Office

Corporate governance

The King Report on Corporate Governance made recommendations relating to corporate governance and ethical standards for South African entities and included a set of guidelines and principles for good governance. Compliance with the King Report should be an integral part of the modus operandi of all public sector institutions. The King 2 Report incorporated, inter alia, recommendations on a Code of Corporate Practice and Conduct applicable to all public institutions – the focus was on the functions, duties and responsibilities of governors to ensure effective governance of their institutions (schools). The “King Code” includes four basic principles namely fairness, accountability, responsibility and transparency. Corporate governance therefore describes the overall management of the institution and the King Report states that corporate governance should form the basis of financial management in the public sector. Fakie in Van Wyk (2004; 413) supports the views of the King Report by stating that corporate governance deals with controls, decision making and structures for accountability that will assist in ensuring that the objectives of sound financial management practices are achieved. One of the objectives of corporate governance is to ensure that public service entities (including schools) deliver services in an efficient, effective and economical way.

Van Wyk (2004; 414) adapted states that the implementation of sound corporate governance and financial management principles is hindered due to various managerial shortcomings which include but are not limited to:

  • a lack of skilled and qualified staff
  • responsibilities not being clearly defined
  • a lack of knowledge of the PFMA
  • a lack of training
  • a lack of structured policies and procedures
  • existing systems not supporting the requirements of the PFMA
  • outdated accounting and information systems
  • inadequate control systems
  • the poor flow of documentation and information
  • non integration between budgets and strategies

Van Wyk goes on to state that the above shortcomings can be grouped into three broad categories: (i) inadequate and unknowledgeable staff; (ii) poor integration of budgets and strategies and (iii) outdated control and reporting systems and suggests that financial management will only be effective if: (i) line managers are competent and committed; (ii) outcomes based budgeting is applied and (iii) accrual-based reporting is introduced into the public sector. Wheeler in Van Wyk (2004; 415) emphasises the need to find solutions to one of the most pressing needs in South Africa – an honest and sound financial system. Van Wyk (2004; 415) concludes by stating: “With a few exceptions financial administration in the public sector is not a pretty sight due to a lack of up-to-date technology, financial restraints, inadequate financial training and poor internal control systems.”

Questions & Answers

explain and give four Example hyperbolic function
Lukman Reply
The denominator of a certain fraction is 9 more than the numerator. If 6 is added to both terms of the fraction, the value of the fraction becomes 2/3. Find the original fraction. 2. The sum of the least and greatest of 3 consecutive integers is 60. What are the valu
SABAL Reply
1. x + 6 2 -------------- = _ x + 9 + 6 3 x + 6 3 ----------- x -- (cross multiply) x + 15 2 3(x + 6) = 2(x + 15) 3x + 18 = 2x + 30 (-2x from both) x + 18 = 30 (-18 from both) x = 12 Test: 12 + 6 18 2 -------------- = --- = --- 12 + 9 + 6 27 3
Pawel
2. (x) + (x + 2) = 60 2x + 2 = 60 2x = 58 x = 29 29, 30, & 31
Pawel
ok
Ifeanyi
on number 2 question How did you got 2x +2
Ifeanyi
combine like terms. x + x + 2 is same as 2x + 2
Pawel
Mark and Don are planning to sell each of their marble collections at a garage sale. If Don has 1 more than 3 times the number of marbles Mark has, how many does each boy have to sell if the total number of marbles is 113?
mariel Reply
Mark = x,. Don = 3x + 1 x + 3x + 1 = 113 4x = 112, x = 28 Mark = 28, Don = 85, 28 + 85 = 113
Pawel
how do I set up the problem?
Harshika Reply
what is a solution set?
Harshika
find the subring of gaussian integers?
Rofiqul
hello, I am happy to help!
Shirley Reply
please can go further on polynomials quadratic
Abdullahi
hi mam
Mark
I need quadratic equation link to Alpa Beta
Abdullahi Reply
find the value of 2x=32
Felix Reply
divide by 2 on each side of the equal sign to solve for x
corri
X=16
Michael
Want to review on complex number 1.What are complex number 2.How to solve complex number problems.
Beyan
yes i wantt to review
Mark
use the y -intercept and slope to sketch the graph of the equation y=6x
Only Reply
how do we prove the quadratic formular
Seidu Reply
please help me prove quadratic formula
Darius
hello, if you have a question about Algebra 2. I may be able to help. I am an Algebra 2 Teacher
Shirley Reply
thank you help me with how to prove the quadratic equation
Seidu
may God blessed u for that. Please I want u to help me in sets.
Opoku
what is math number
Tric Reply
4
Trista
x-2y+3z=-3 2x-y+z=7 -x+3y-z=6
Sidiki Reply
can you teacch how to solve that🙏
Mark
Solve for the first variable in one of the equations, then substitute the result into the other equation. Point For: (6111,4111,−411)(6111,4111,-411) Equation Form: x=6111,y=4111,z=−411x=6111,y=4111,z=-411
Brenna
(61/11,41/11,−4/11)
Brenna
x=61/11 y=41/11 z=−4/11 x=61/11 y=41/11 z=-4/11
Brenna
Need help solving this problem (2/7)^-2
Simone Reply
x+2y-z=7
Sidiki
what is the coefficient of -4×
Mehri Reply
-1
Shedrak
the operation * is x * y =x + y/ 1+(x × y) show if the operation is commutative if x × y is not equal to -1
Alfred Reply
A soccer field is a rectangle 130 meters wide and 110 meters long. The coach asks players to run from one corner to the other corner diagonally across. What is that distance, to the nearest tenths place.
Kimberly Reply
Jeannette has $5 and $10 bills in her wallet. The number of fives is three more than six times the number of tens. Let t represent the number of tens. Write an expression for the number of fives.
August Reply
What is the expressiin for seven less than four times the number of nickels
Leonardo Reply
How do i figure this problem out.
how do you translate this in Algebraic Expressions
linda Reply
why surface tension is zero at critical temperature
Shanjida
I think if critical temperature denote high temperature then a liquid stats boils that time the water stats to evaporate so some moles of h2o to up and due to high temp the bonding break they have low density so it can be a reason
s.
Need to simplify the expresin. 3/7 (x+y)-1/7 (x-1)=
Crystal Reply
. After 3 months on a diet, Lisa had lost 12% of her original weight. She lost 21 pounds. What was Lisa's original weight?
Chris Reply
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Source:  OpenStax, Financial management of schools. OpenStax CNX. Nov 16, 2009 Download for free at http://cnx.org/content/col11137/1.1
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