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Postal Services Act, 1998 (Act No. 124 of 1998)

Accounting Separation Regulations for Reserved Postal Services

16. Procedure Manual Content

 

1) The Operator's Procedure Manual must be sufficiently detailed to enable the Authority or an independent auditor to reasonably interpret the methodologies that have been used in preparing the RFS.

 

2) The Operator's Procedure Manual must also enable both the Authority and the auditor to verify that:
a) the methodologies actually applied by the Licensed Operator are consistent with those defined in their respective Procedure Manuals, and
b) the results from the application of the methodologies are reconcilable to Corporate Entity statutory financial statements.

 

3) The Operator's Procedure Manual must contain a comprehensive and complete written statement of the policies, principles and methodologies that the Licensed Operator will follow in preparing its RFS required pursuant to these regulations.

 

4) Any changes to the Operator's Procedures Manual proposed by the Licensed Operator must be filed with the Authority and are subject to the Authority's approval prior to implementation.

 

5) Proposed changes should be accompanied by a statement of the reasons for the change and estimates of the financial impact of the proposed change, where relevant and reasonably practicable, should be estimated.

 

6) The Authority may request the Licensed Operator to provide further information for the purposes of its consideration of the proposed change.

 

7) The Authority will consider the proposed changes and notify the Licensed Operator of its approval or non-approval within fifty (50) days of having received notification of the proposed change.

 

8) The proposed amendments will be deemed approved if the Authority does not provide such notification within the said two (2) months.

 

9) Where the Authority does not approve the proposed change, the Authority must provide written explanations for such non-approval.