February
Project
Financial Administration Law Documents Revision
Background
Improving the Financial Administration Law Standards and Sample FAL to better support First Nations.
Details
- Clarified the introduction and definitions.
- Added Standard 4.3 to introduce the idea of a First Nation being in material compliance with the Standards.
- Created Standard 10.1.6 to establish the independence criteria of Finance and Audit Committee members.
- Clarified the authority of the auditor of the First Nation.
- Introduced or re-introduced Standard 26 (Periodic review), Standard 27 (Annual operations report), Standard 28 (Provision of law to First Nations Finance Authority) and Standard 29 (coming into force).
Deliverable
- 3rd Edition of Financial Administration Law Review Procedures
- 3rd Edition of Financial Administration Law Standards
- 3rd Edition of Sample Financial Administration Law
- 3rd Edition of Sample Financial Administration Law Explanatory Notes
Project
Financial Management System Documents Revision
Background
Improving the Financial Management System Standards to better support First Nations.
Details
- Clarified the introduction.
- Added Standard 5.6 to introduce the idea of a First Nation being in material compliance with the Standards.
- Changed Standard 11.2 to address the size and make up of the Finance and Audit Committee.
- Expanded the Standard that defines the meaning of independence to include who is exempt.
- Changed Standard 19.7 (Information technology controls) to stress the need for documented policies.
- Introduced Standard 23.5.2 (Compliance on projects) on policies over the construction or rehabilitation of capital infrastructure.
Deliverable
- 3rd Edition of Financial Management System Certification Procedures
- 3rd Edition of Financial Management System Standards
Project
Financial Performance Documents Revision
Background
Improving the Financial Performance Standards to better support First Nations.
Details
- Clarified the introduction.
Deliverable
- 4th Edition of Financial Performance Certification Procedures
- 4th Edition of Financial Performance Standards