Skills Development Act, 1998 (Act No. 97 of 1998)

Financing of INSETA

INSETA shall be financed from sources as defined in section 14(1) of the Act.

Financial management of INSETA

INSETA shall conduct and manage its finances in terms of the Public Finance Management Act and all other applicable legislation, and any amendment thereto.

Corporate Governance and the PFMA

As a schedule 3A public entity, INSETA must comply with all provisions pertaining to sound financial management as detailed in section 14 of the Act and the relevant sections of the PFMA.

It is the duty of Council to present a balanced and understandable assessment of INSETA’s position in communicating with stakeholders.

The information must be consistent with the guidelines of openness and substance over form. Communication should address, in a timely manner, material matters of interest and concern to all stakeholders. Reports and communications must be made in the context of society’s demands for greater transparency and accountability.

The Council is accountable for ensuring that INSETA has effective internal controls in place aimed at reducing in a cost-effective manner risk or loss.

These controls include the proper delegation of responsibilities, effective accounting procedures and the adequate segregation of duties.

Disclosure of Interest

A constituent, representative or employee of INSETA who is directly or indirectly interested in any business of INSETA or the committee of which he is a member, or who holds any office or possesses any property which might cause a conflict of interest or duties or such possible perception must declare such interest or potential conflict.