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Financial Record Management

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Financial Record Management Ruth Bergin Queensland Treasury Topics to be covered Legislative Framework Current Legislative Requirements Principles-based Legislation ... – PowerPoint PPT presentation

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Title: Financial Record Management


1
Financial Record Management
  • Ruth Bergin
  • Queensland Treasury

2
Topics to be covered
  • Legislative Framework
  • Current Legislative Requirements
  • Principles-based Legislation
  • Financial Accountability Handbook
  • Retention of Original Documents

3
Legislative Framework
  • Financial Accountability Act 2009 (the Act)
  • Financial and Performance Management Standard
    2009 (the Standard)
  • Financial Accountability Regulation 2009
  • Financial Accountability Handbook (the Handbook)

4
Principles-based legislation
  • What is it?
  • Advantages
  • Flexibility use judgement to develop
    agency-specific processes
  • Scalability applied irrespective of agency size
  • Robustness less likely to be out dated

5
Legislative Framework
  • Content / Details
  • High-level legal obligations
  • Rules to comply with legal obligations
  • Detailed
  • topic-specific policies
  • Level of
  • Prescription
  • Minimal
  • Moderate
  • High

6
Application of the Framework and Policy Documents
7
Requirements under the Act
  • Accountable officer and statutory body must
  • Ensure agency operations are carried out
    efficiently, effectively and economically
  • Establish and maintain appropriate systems of
    internal control

8
Requirements under the Standard
  • Accountable officer and statutory body
  • Must establish a financial information management
    system
  • Must have regard to the Financial Accountability
    Handbook

9
Definitions
  • What is the meaning of
  • Must have regard to
  • Agency

10
Financial Accountability Handbook
  • Vol 1 Introduction
  • Vol 2 Governance
  • Vol 3 Designing internal controls
  • Vol 4 Monitoring and assessment of internal
    controls
  • Vol 5 Reporting systems
  • Vol 6 Grant management
  • Financial Management Tools

11
Volume 5 Reporting Systems
  • Information Sheet
  • 5.3 - Financial Record Management

12
Financial Information Management System
  • Must provide for
  • Recording
  • Storing
  • Keeping
  • Retrieving
  • Destroying financial information

13
Developing and Implementing Financial Information
Management System
  • The agency must
  • Apply the mandatory principles stated in the
    information standards
  • Align with targets stated in the document
    Government enterprise architecture
  • Comply with Public Records Act 2002
  • Ensure the financial information is secure

14
Mandatory Principles
  • The agency must
  • Apply the mandatory principles stated in the
    information standards

15
Government Enterprise Architecture
  • The agency must
  • Align with targets stated in the document
    Government enterprise architecture

16
Public Records Act
  • The agency must
  • Comply with Public Records Act 2002

17
Information Security
  • The agency must
  • Ensure the financial information is secure

18
Retention of Original Documents
  • Retain documents in their original form for at
    least one year after the financial year to which
    the document relates
  • or longer

19
Changing an Information Management Systems
  • Accountable office or statutory body must consult
    with
  • Head of Internal Audit
  • Authorised Auditor
  • Chief Finance Office (departments)
  • Financial administration officer (statutory
    body)

20
Best Practice Information Management Systems
  • Regularly assess whether their financial
    management system is operating as intended
  • Compliance with best practice policies and
    guidance material such as GRDS

21
Useful Links
  • Financial Accountability Handbook
  • http//www.treasury.qld.gov.au/office/knowledge/d
    ocs/financial-accountability-handbook/index.shtml
  • Questions
  • fmhelpdesk_at_treasury.qld.gov.au
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