Financial Misconduct definition

Financial Misconduct means fraud, gross negligence or intentional or willful misconduct that contributes, directly or indirectly, to the Company’s financial or operational results that are used to determine the extent to which any award of cash or stock under the Plan being misstated, regardless of whether the Company is required to prepare an accounting restatement of its consolidated financial statements, which is discovered during the relevant year in which such award is awarded or payable or within three years thereafter.

Financial Misconduct for the purposes of the act, means a criminal conviction for any of the following:

Financial Misconduct means any misappropriation, mismanagement, waste or theft of the finances of a municipality, and also includes any form of financial misconduct specifically set out in sections 171 and 172 of the Act.

Examples of Financial Misconduct in a sentence

• Any official or councillor who does not comply with their reporting duties in terms of this policy could be found guilty of Financial Misconduct.

• All Unauthorised, Irregular, Fruitless and Wasteful Expenditure will be dealt with in terms of Municipal Regulations on Financial Misconduct Procedures and Criminal Proceedings promulgated in terms of the Local Government: Municipal Finance Management Act, No. 56 of 2003.

• Failure to do this will result in the accounting officer committing an act of financial misconduct which will trigger the application of chapter 15 of the MFMA, read with the Municipal Regulations on Financial Misconduct Procedures and Criminal Proceedings.

• Failure to do this will result in the accounting officer committing an act of financial misconduct which will trigger the application of chapter 15 of the MFMA read with the Municipal Regulations on Financial Misconduct Procedures and Criminal Proceedings promulgated on 30 May 2014.

• Accounting officers should take note that failure to undertake proper due diligence in terms of the affordability of payment arrangements and making the necessary provision in the municipality’s budget will be considered as an act of financial misconduct and the necessary action in terms of chapter 15 of the MFMA read with the Municipal Regulations on Financial Misconduct Procedures and Criminal Proceedings will have to be taken.

More Definitions of Financial Misconduct

Financial Misconduct means any act of financial misconduct referred to in-

Financial Misconduct means any misappropriation, mismanagement, waste, or theft of the finances of a municipality and also includes any form of financial misconduct specifically set out in section 171 of the Local Government; Municipal Finance Management Act, 2003 (Act 56 of 2003);

Financial Misconduct means wilful or negligent act or omission which permits an unauthorised, irregular or wasteful expenditure, theft, or misapplication of funds;

Financial Misconduct means fraud, gross negligence or intentional or willful misconduct that contributes, directly or indirectly, to the Company’s financial or operational results that are used to determine the extent to which any award of cash or stock under the Plan being misstated, regardless of whether the Company is required to prepare an accounting restatement of its consolidated financial statements, which is discovered during the relevant year in which such award is awarded or payable or within three (3) years thereafter.

Financial Misconduct means where the accounting officer or chief financial officer or senior managers or any other official of the municipality deliberately or negligently:

Financial Misconduct means without limitation:

Financial Misconduct means any act of financial misconduct referred to in section 171 of the MFMA committed by an official of a municipality.