Evaluating financial reporting guidelines in South African public schools towards an integrated framework for accountability

This paper aims to evaluate the different financial reporting guidelines used by governing bodies in public schools across 9 provinces. Therefore, developing an integrated financial reporting framework to improve accountability by SGBs that can be used by public schools in South Africa. This situation motivates the researcher to explore the lack financial reporting by SGBs in section 21 schools. The study also aimed to make recommendations to all stakeholders on how integrated financial reporting can promote accountability and transparency. The target population consisted of 56 section 21 schools in KwaZulu Natal province. A mixed methods approach was employed, and a questionnaire was developed and sent to participants using monkey survey. In addition, principals were interviewed one on one online using Microsoft Teams. SPSS version 25 was used to analyse the data, generating table and bar graphs. The findings revealed that the department of basic education should formulate the audit committee to monitor and evaluate financial statements of section 21 schools. The independent auditors should report back to the department of basic education not to the SGB to promote transparency and accountability. The study recommends that the current financial reporting structure can be improve by adopting integrated financial reporting framework where all stakeholders are actively involved. The Auditor General should audit the independent audit that are auditing section 21 schools and give an annual report on their performance. Key Words:Accountability, accounting framework, integrated reporting, governing bodies, South African Schools Act, public schools.