Public Finance Act No 1 of 1999 creates financial accountability rather than based on assigning responsibility and performance management.
Objectives are to regulate financial management, ensure revenues, expenditures, assets and liabilities are managed effectively and efficiently and to provide responsibility for those trusted with financial management. Secures transparency, accountability and sound management of revenue, expenditure, assets and liabilities.
Responsibilities include preventing unauthorised/irregular/wasteful expenditure and safeguarding of assets and management of liabilities. (Mestry, et al. 2009: 38)