Employment of Educators Act, 1998
R 385
Mineral Technology Act, 1989 (Act No. 30 of 1989)12. Accounting, auditing and annual report |
| (1) | The accounting and compilation of annual financial statements of a company referred to in section 4(3)(b)(iii) shall be done in accordance with the provisions of the Companies Act, 1973 (Act No. 61 of 1973). |
| (2) |
| (a) | The Auditor-General shall audit the annual financial statements of Mintek and shall submit a copy of his report on the audit of the said statements to Mintek. |
| (b) | Notwithstanding anything to the contrary contained in any law, the Auditor-General shall audit the annual financial statements of a company referred to in section 4(3)(b)(iii), and shall submit, within six months after the end of the financial year concerned, copies of such annual financial statements to the Minister. |
| (3) | The Board shall furnish the Minister with such information as he may call for from time to time in connection with the activities and financial position of Mintek, and shall as soon as practicable after the end of each financial year submit to the Minister an annual report on Mintek's affairs and functions in respect of that financial year, which shall, inter alia, include the following: |
| (a) | An audited balance sheet, including any notes thereon or document annexed thereto providing information required by this Act; |
| (b) | a audited income statement, including any similar financial statement where such form is appropriate and including any notes thereon or document annexed thereto providing information required by this Act; |
| (c) | a statement of cash flow information; and |
| (d) | the report of the auditors. |
| (4) | The financial statements referred to in subsection 3(a), (b) and (c) shall— |
| (a) | be in conformity with generally accepted accounting practice; |
| (b) | fairly present the state of affairs and functions of Mintek and the results thereof; and |
| (c) | refer to any material matters not specifically prescribed by this Act which have affected or are likely to affect the affairs of Mintek, both by way of figures and by descriptive report, amplifying and explaining, where necessary, figures in financial statements. |
| (5) | A report referred to in subsection (2) shall be printed in both official languages. |
| (6) | As soon as practicable after a report has been submitted to the Minister in terms of subsection (3), he shall table it in Parliament. |
