Public Finance Management Act (PFMA 1999) - Amendments

Summary

The provided text outlines the Public Finance Management Act, No. 1 of 1999, a comprehensive piece of legislation designed to regulate financial management within the national and provincial governments of South Africa. It establishes the National Treasury and Provincial Treasuries, detailing their roles in managing public funds, including revenue collection, expenditure, and asset and liability control. The Act also addresses the preparation and implementation of national and provincial budgets, defining the responsibilities of accounting officers for various government departments and public entities. Furthermore, it sets out measures to prevent financial misconduct and establishes an Accounting Standards Board to promote transparency and sound financial reporting across the public sector.