Public Schools – Accounting and Financial Statements Requirements (2026)

Public Schools are required to compile financial statements annually.

Three key decisions the compiler has to make:

• What reporting / accounting framework should we adopt, e.g. IFRS or SMEs or MEC Guidelines?
• Does the South African Schools Act restrict how certain transactions are treated?
• Who is allowed to compile the AFS of a public school?

Join us as we help you make informed decisions.

We also consider the BELA Act amendments that came into effect in December 2024, that affect the financial transactions, record-keeping practices, accounting, financial statements and auditing considerations.

Public Schools – Audit Considerations for Managers and Partners

Auditing public schools presents unique challenges due to their non-profit nature, government funding, and compliance with specific legislation such as the South African Schools Act (SASA). In this course, we explore how these factors, along with new ISA 315 and ISA 330 requirements, shape the audit approach for public schools.

This course will help participants understand key audit requirements, identify high-risk areas, and ensure proper documentation throughout the pre-engagement, planning, and finalisation phases. Managers and partners will gain insights into how the National Guideline accounting framework impacts financial statements and the auditor’s reporting responsibilities.

This course equips managers and partners with the knowledge and practical tools required to effectively plan, execute, and finalise audits of public schools, ensuring compliance with the relevant standards and legislation.

Public Schools – Audit Practical Implementation for Trainees

Public Schools happen to be part of a unique industry that is governed by legislation. This makes the audit engagement specialised, in that, schools are a not-for-profit organisation that deliver services and are funded by government grants.

Not only the above, but public schools make use of a special accounting framework that most audit trainees would not have been exposed to.

Join us as we look to practically help your trainees understand the application of the ISA auditing requirements as part of the fieldwork phase of a public school financial statement’s audit.