Public Schools Financial Reporting: Insights from the CIBA Practice Management Conference

Under the South African Schools Act (SASA), public schools must manage funds transparently, with School Governing Bodies (SGBs) preparing budgets, maintaining records, and ensuring annual financial statements are reviewed or audited. These include income statements, balance sheets, and cash flow reports, supported by documents like asset registers and reconciliations.

Challenges such as limited expertise and resources hinder compliance, but initiatives like SGB training and standardized templates can bridge the gap. Strengthened governance ensures accountability and enhances the educational environment, fostering trust and effective resource use.