Standards for Canadian organizations

2020 Edition

Financial Management (CA-FIN) 1: Governing Body Financial Responsibilities

The organization's governing body or designated committee of the governing body, as appropriate:
  1. approves the annual budget and any revisions to the budget;
  2. reviews quarterly and annual financial statements/summaries provided by management;
  3. reviews accounting policies and procedures;
  4. reviews recommendations of the organization’s auditors, and management's response to the recommendations; and
  5. annually evaluates the executive director’s management of the organization’s financial affairs.

Interpretation

Minutes of governing body and its committee meetings should reflect active oversight of the organization's finances.
2020 Edition

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Purpose

The organization's ability to achieve its mission is based on sound financial management practices that ensure efficient, data-informed use of its resources.
1
The organization's practices reflect full implementation of the standard.
2
Practices are basically sound but there is room for improvement; e.g.,
  • One of the elements is not fully addressed.
3
Practice requires significant improvement; e.g.,
  • Two elements are not fully addressed; or
  • One element is not addressed at all.
4
Implementation of the standard is minimal or there is no evidence of implementation at all; e.g.,
  • Three or more elements are not fully addressed;
  • Or at least two elements are not addressed at all.
Self-Study EvidenceOn-Site EvidenceOn-Site Activities
No Self-Study Evidence
  • Governing Body minutes demonstrating active oversight of finances
  • Interviews may include:
    1. Governing body members
    2. Governing body treasurer
    3. CEO
    4. CFO