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Public Finance Management Act, 1999 (Act No. 1 of 1999)

Regulations

Treasury Regulations for Departments, Constitutional Institutions and Public Entities

Part 2: Management Arrangements

2. Corporate management

 

2.1 Chief financial officer

 

2.1.1 Unless directed otherwise by the relevant treasury, each institution must have a chief financial officer serving on the senior management team.

 

2.1.2 The chief financial officer is directly accountable to the accounting officer.

 

2.1.3 Without limiting the right of the accounting officer to assign specific responsibilities, the general responsibility of the chief financial officer is to assist the accounting officer in discharging the duties prescribed in Part 2 of Chapter 5 of the Act and the annual Division of Revenue Act. These duties relate to the effective financial management of the institution, including the exercising of sound budgeting and budgetary control practices; the operation of internal controls and the timely production of financial reports.