Legal & Compliance
Financial Control & Asset Protection
Organisational money, equipment, data and other assets must be used only for authorised purposes, with records that can be reviewed. No individual should have uncontrolled authority over organisational money.
Applicable South African law and formally adopted governing documents take precedence.
Expected controls
The following practices should apply, scaled to the nature and size of the transaction and subject to approved internal procedures.
Segregation of duties
Initiating, approving and recording a payment should not rest solely with one person where it is practical to separate those roles.
Approval authority
Payments and commitments should be authorised only by persons with documented authority for that type and amount.
Payment controls
Bank payments, cash and other transfers should follow approved channels and dual-control practices where required.
Receipts and invoices
Material receipts and invoices should be retained as supporting documents.
Bank records
Bank statements and related records should be kept and available for review.
Reconciliations
Accounts should be reconciled on a schedule appropriate to the activity.
Cash handling
Cash should be recorded, receipted and deposited according to approved procedure.
Expense approvals
Expenses should be approved before payment, with a stated organisational purpose.
Asset registers
Material assets should be recorded and used only for authorised purposes.
Procurement records
Significant purchases should follow Procurement & Opportunity Fairness.
Financial reporting
Reporting to authorised governance structures should be accurate and timely.
Audit and review
Independent or internal review should be available as required by governing documents. This page does not claim that a particular audit has been completed.
Fraud prevention
Suspected fraud, theft or misuse should be reported through Whistleblowing or Complaints. Concerns raised in good faith should not attract retaliation merely for being raised.
This page is an organisational information instrument. It does not, by itself, create legal rights or obligations unless formally adopted. Contact +27 60 709 4406.