Council must also create a policy that sets out the steps and information for the preparation and approval of the First Nation’s yearly financial statements . This includes the standards that:
- the senior financial officer must prepare the Yearly Financial Statements
- the financial statement must be prepared in a way that follows generally accepted accounting principles
- Council must review and approve the financial statements as recommended by the Finance and Audit Committee. This must be done by the earliest date of either 120 days after the end of the fiscal year or a time stated in the First Nation’s FAL
- the Chief or Council
of the First Nation must sign the annual financial statements. If the Chief or Council chairperson is not available, the following people can also sign the annual financial statements:
- the Chair of the Finance & Audit Committee OR
- the senior financial officer.