Every council must, to the standards of generally accepted accounting practice, principles and procedures -
keep books and records of its income, expenditure, assets and liabilities; and
a statement of income and expenditure for the previous financial year; and
Each council must arrange for an annual audit of its books and records of account and its financial statements by an auditor who must-
conduct the audit in accordance with generally accepted auditing standards; and
Every council must-
make the financial statements and the auditor's report available to the parties to the council or their representatives for inspection; and
Every council must preserve each of its books of account, supporting vouchers, income and expenditure statements, balance sheets, and auditor's reports, in an original or reproduced form, for a period of three years from the end of the financial year to which they relate.
The money of a council or of any fund established by a council that is surplus to its requirements or the expenses of the fund may be invested only in-
savings accounts, permanent shares or fixed deposits in any registered bank or financial institution;
internal registered stock as contemplated in section 21 of the Exchequer Act, 1975 (Act No. 66 of 1975);
a registered unit trust; or
any other manner approved by the registrar.