Finance

Finance

CETA remains committed to sound management of funds in terms of PFMA, Treasury Regulations and Skills Development Levies Act 9 of 1999 in order to maintain an unqualified audit opinion. CETA continues to implement its policies and procedures to ensure that financial statements presented are accurate, valid and complete.

Background

The Supply Chain Management Unit was established in terms of section 217 of the constitution, 51(a)(1)(iii) of the PFMA and Treasury Regulations(TR)16 A, and operates within the office of the CFO as prescribed by National Treasury. To give effect to section 217 of the constitution, 51(a)(1)(iii) of the PFMA and Treasury Regulations(TR)16 A. SCM unit has developed a policy which will ensure that the SCM system is fair, equitable, transparent, competitive and cost-effective.

Key role of SCM unit

  • Procure goods and services through competitive bidding or quotations method in order to ensure that CETA deliver in its mandate
  • Utilize a buying power to make positive contribution in the transformation of the South African economy

The Skills Development Act 97 of 1998, Skills Development Levies Act 9 of 1999, Public Finance Management Act 1 of 1999 and the Grant Regulation, not overlooking the crucial National Treasury Regulation, guide the Finance Department with responsible governance of the public purse.

Responsibilities
 

Public Finance Management Act (PFMA)

 

  • must ensure that the system of financial management and internal control established for the CETA
  • is responsible for the effective, efficient, economical and transparent use of financial and other resources within CETA
  • takes effective and appropriate steps to prevent, within the CETA, avoids any irregular expenditure and fruitless and wasteful expenditure and any under collection of revenue due
  • complies with the provisions of this Act to the extent applicable, including any delegations and instructions in terms of section 56; of the PFMA and
  • is responsible for the management, including the safeguarding, of the assets and the management of the liabilities within the CETA

In populating its financials, the CETA follows the best practices from the Generally Recognised Accounting Practice (GRAP) standards.

The Auditor General of South Africa audits the finances of the CETA.

Three units comprise the Finance Department, namely Invoice Processing, Project Accounting and Financial Accounting Units