n IMFO : Official Journal of the Institute of Municipal Finance Officers - IMFO plays a pivotal role in internal audit : in and around IMFO
|Article Title||IMFO plays a pivotal role in internal audit : in and around IMFO|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Publication Date||Spring 2010|
|Pages||38 - 39|
The Municipal Finance Management Act (MFMA) of 2003 makes it mandatory for all municipalities to have a functional internal audit unit and an audit committee. According to Mr. Victor Chuene (IMFO President 2006 - 08), in a speech delivered at the 2008 IMFO Conference at the Cape Town ICC, 'many municipalities have still not established one or both of these vitally important governance institutions.' This was further re-enforced by the Minister of Co-operative Governance and Traditional Affairs, Honourable Sicelo Shiceka in his speech to launch Operation Clean Audit 2014 last year. He noted that based on the Auditor-General's report for the 2006/07 financial year, only 253 of the 283 municipalities' audits had been finalised and this was enough a sign to conclude that something had to be done.
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