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.
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.