(3) A public officer to whom cash advance has been made under subsection (1), shall return the balance of the cash advanced together with signed supporting documents for the expenditure incurred in accordance with any requirement set out in any of the following— (a) the documents used to apply for or authorise the advance; (b) regulations prescribed for the purpose of this section; and (c) any written notice given to the officer by the accounting officer.

(4) If a public officer to whom cash advance is made under subsection (1) fails to account for the advance, or fails to return it as required by subsection (3)— (a) the amount of the advance not accounted for or not returned becomes a debt owed by the officer; (b) the debt becomes subject to the payment of interest at a rate prescribed by regulations for the purpose of this subsection; and (c) the debt, including the interest on it, is recoverable by that entity by making a deduction from any salary or other amount that is payable to the officer. 56 [Rev. 2020] Public Finance Management No. 18 of 2012

72. Accounting officer to manage assets and liabilities of national government entities (1) The accounting officer for a national government entity shall— (a) be responsible for the management of the entity’s assets and liabilities; and (b) manage those assets in a way which ensures that the national government entity achieves value for money in acquiring, using and disposing of those assets.

(2) The accounting officer for a national government entity may dispose of assets only in accordance with an Act of Parliament pursuant to Article 227 of the Constitution and shall ensure that the proceeds from all asset disposals are deposited into a bank account of the entity.

(3) A national government entity shall not loan or transfer assets to any person or organisation or permit any person or organisation to use assets for purposes other than carrying out the functions of the entity, except in accordance with an Act of Parliament enacted pursuant to Article 227 of the Constitution.

(4) Regulations may provide for the management and disposal of Government assets and for the monitoring of the management and disposal of those assets by national government entities in accordance with an Act of Parliament enacted pursuant to Article 227 of the Constitution.

73. National government entity to maintain internal auditing arrangements (1) Every national government entity shall ensure that it complies with this Act and— (a) has appropriate arrangements in place for conducting internal audit according to the guidelines of the Accounting Standards Board; and (b) where any regulations are in force under subsection (2), those regulations are complied with.

(2) Regulations may prescribe requirements to be complied with in conducting internal audits. (3) The Internal Auditor-General Department of the National Treasury shall ensure that its arrangements for conducting internal auditing include— (a) reviewing the governance mechanisms of the entity and mechanisms for transparency and accountability with regard to the finances and assets of the entity; (b) conducting risk-based, value-for-money and systems audits aimed at strengthening internal control mechanisms that could have an impact on achievement of the strategic objectives of the entity; (c) verifying the existence of assets administered by the entity and ensuring that there are proper safeguards for their protection; (d) providing assurance that appropriate institutional policies and procedures and good business practices are followed by the entity; and (e) evaluating the adequacy and reliability of information available to management for making decisions with regard to the entity and its operations.

(4) A national government entity shall ensure that internal audits in respect of the entity are conducted in accordance with international best practices. 57 No. 18 of 2012 Public Finance Management [Rev. 2020]

(5) Every national government public entity shall establish an audit committee whose composition and functions shall be as prescribed by the regulations.