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2012

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