Abstract:
The Public Finance Management Act (PFMA) came into effect on 1 April 2000, and the Treasury Regulations (TR) on 1 June 2000. With this legislation the public sector in South Africa changed and South Africa can today be regarded as the country with the most advanced legislation with respect to financial management in the world. The best practices in this field that had been successfully implemented in countries like New Zealand, Canada and others were adapted for South African conditions.