PSASB has prepared a financial reporting template for TVETs, National Polytechnics and Teacher Training Colleges to enable these institutions to comply with the provisions of the law as below.
The Technical and Vocational Education and Training Act, No. 29 of 2013, Section 29 of the second schedule requires the Board of Governors of a public institution to cause to be kept proper books of records of the income, expenditure and assets of the institution and submit for audit the accounts of that institution to the Office of the Auditor General.
The Public Finance Management Act, No. 18 of 2012, Section 81 requires that at the end of each financial year, an accounting officer for a National Government entity shall prepare financial statements in respect of the entity. Section 81(3) further states that an accounting officer shall prepare the financial statements in a form that complies with the relevant accounting standards prescribed and published by the Accounting Standards Board from time to time.
You are called to review and comment on the financial reporting template for TVETs, National Polytechnics and TTCs. Your comments should reach the PSASB on or before 15th June 2019 through its email email@example.com.