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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  • outdated accounting and information systems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

anyone know any internet site where one can find nanotechnology papers?
Damian Reply
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
characteristics of micro business
for teaching engĺish at school how nano technology help us
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
what is the actual application of fullerenes nowadays?
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
is Bucky paper clear?
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Do you know which machine is used to that process?
how to fabricate graphene ink ?
for screen printed electrodes ?
What is lattice structure?
s. Reply
of graphene you mean?
or in general
in general
Graphene has a hexagonal structure
On having this app for quite a bit time, Haven't realised there's a chat room in it.
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
many many of nanotubes
what is the k.e before it land
what is the function of carbon nanotubes?
I'm interested in nanotube
what is nanomaterials​ and their applications of sensors.
Ramkumar 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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