April
Project
Financial Administration Law Documents Revision
Background
Improving the Financial Administration Law Standards and Sample FAL to better support First Nations.
Details
- Changed “Canadian Institute of Chartered Accountants” to “Chartered Professional Accountants Canada”.
- Added a new definition of “related body”.
- Clarified Standard 19.2.3 (Engagement letter), Standard 19.3 (Completion date).
- Introduced Standards 22.3 and 22.4 to require a borrowing member’s Financial Administration Law to allow the FMB to intervene if required.
Deliverable
- 4th Edition of Financial Administration Law Review Procedures
- 4th Edition of Financial Administration Law Standards
- 4th Edition of Sample Financial Administration Law
- 4th Edition of Sample Financial Administration Law Explanatory Notes
- 3rd Edition of Financial Administration Assessment Guide
Project
Financial Management System Documents Revision
Background
Improving the Financial Management System Standards to better support First Nations.
Details
- Changed “Canadian Institute of Chartered Accountants to “Chartered Professional Accountants Canada”.
- Amended Standard 12.7.3 (Employee evaluation) to make it clear that finance staff must be qualified and able to do their jobs.
- Amended Standard 20.4.2 (Statement content) to make it clearer.
- Amended Standard 21.1.3 (Auditor compliance) to clarify what information is to be provided to council.
Deliverable
- 4th Edition of Financial Management System Certification Procedures
- 4th Edition of Financial Management System Standards
Project
Financial Performance Documents Revision
Background
Improving the Financial Performance Standards to better support First Nations.
Details
- Changed “Institute of Chartered Accountants” to “Chartered Professional Accountants Canada”.
- Amended Standard 6.1 (Financial management system Certificate timeline) to clarify that the 36-month timeline for obtaining a Financial Management System Certificate begins from the date the First Nation first receives proceeds from a First Nations Finance Authority long-term loan (debenture).
- Changed definitions in Standard 7.1 to match those used by accountants.
- Amended Standard 7.2 (Financial information) to require the use of financial statements no older than 16 months, which coincides with 120 days after the most recent year-end (July 29th).
- Clarified the Liquidity Test Ratio threshold at Standard 7.4.4.
Deliverable
- 5th Edition of Financial Performance Certification Procedures
- 5th Edition of Financial Performance Standards