Examples of PFMA in a sentence
I ACCEPT THAT THE STATE MAY REJECT THE BID OR ACT AGAINST ME IN TERMS OF PARAGRAPH 6 OF PFMA SCM INSTRUCTION 03 OF 2021/22 ON PREVENTING AND COMBATING ABUSE IN THE SUPPLY CHAIN MANAGEMENT SYSTEM SHOULD THIS DECLARATION PROVE TO BE FALSE.
In my opinion, the financial statements present fairly, in all material respects, the financial position of the Media Development and Diversity Agency as at 31 March 2019, and its financial performance and cash flows for the year then ended in accordance with the South African Standards of Generally Recognised Accounting Practice (SA Standards of GRAP) and the requirements of the Public Finance Management Act of South Africa, 1999 (Act No. 1 of 1999) (PFMA).
The internal controls include a risk-based system of internal and administrative controls designed to provide reasonable, but not absolute, assurance that are in line with Section 42 of the Public Finance Management Act (PFMA), that assets are safeguarded and that transactions are executed and recorded in accordance with generally accepted business practices and the Agency’s policies and procedures.
In line with the PFMA and the MDDA Act, Internal Audit provides the audit committee and management with assurance that the internal controls are appropriate and effective.
The financial statements submitted for auditing were not prepared in accordance with the prescribed financial reporting framework and as required by section 55(1)(b) of PFMA.