Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Black Economic Empowerment

Purchase

8.1	All financial transactions will be undertaken under the auspices of the Secretariat of the MAC Charter Council, in accordance with general accepted accounting principles.

8.2	Financial reports will be presented to the MAC SA at every standing meeting.

8.3	The Secretariat shall arrange for an annual audit to be conducted and presented to the MAC SA.

8.4	The financial year will end on 31 March of every year.

8.5	The MAC SA will be funded by the stakeholders through the mechanism adopted by the MAC Charter Council.