45Accounts

45 Accounts

(1) A school council must ensure that the following types of records are kept, in the form determined by the Secretary—

(a) proper accounts and records of the transactions and affairs of the school council;

(b) any other records necessary to sufficiently explain the financial operations and financial position of the school council.

(2) The school council must—

(a) maintain the records of the school council in a form to show that—

(i) all money payable to the school council is properly collected; and

(ii) all money expended in the school council's name is properly expended and properly authorised; and

(iii) adequate control is maintained over assets owned by the school council or in the school council's custody; and

(iv) all liabilities incurred in the school council's name are properly authorised; and

(v) there is efficiency of operations and an avoidance of waste and extravagance; and

(b) develop and maintain an adequate budgeting system; and

(c) develop and maintain an adequate accounting system; and

(d) develop and maintain adequate internal financial controls.