Financial and operational reporting promotes transparency and accountability and communicates to members the First Nation’s progress towards achieving its goals.
The FAL requires reporting regularly to members on the money and property of the First Nation as well as on the activities that took place during a specific period of time.
Under the FAL, there are several reports that must be prepared, reviewed and most often approved. These include:
- Monthly Financial Information (prepared and reviewed only)
- Quarterly Financial Statements
- Yearly Audited Financial Statements
- Special Purpose Reports
- Annual Report
Council must create a policy for reporting the First Nation’s financial results. This policy must state that the First Nation will keep an up-to-date list of financial reports that need to be prepared on a regular basis and that these reports must include:
- the name of the report
- the person who is assigned to create the report
- when the report will be available
- who is getting the final report