Standards for Canadian organizations

2020 Edition

Financial Management Introduction

Purpose

Public authority/agency viability and positive financial outcomes are achieved through diligent application of sound financial managment practices that accord with applicable requirements. 

Introduction

Sound financial management is the foundation for providing high quality services and achieving the public authority/agency’s commitment to providing high quality services relative to its mission or purpose.  Inherent in these standards is a recognition that public agencies may have limited ability to manage their own finances, and their budgets may be determined, and approved or rejected, by a legislative or other body. However, public agencies must still demonstrate that management has fostered a culture that supports sound financial practices and accountability at all levels of the agency. Accountability is established through clearly defined lines of authority and responsibility, adherence to internal control responsibilities, and by making the strategic connection between efficient and effective use of agency resources and improved outcomes. Effective financial management ensures that resources are being directed to those programs or interventions that have the strongest impact on persons served. 

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Note: This standard does not apply to private organizations.

Note: COA’s Financial Management standards do not apply to for-profit organizations. For-profit organizations see COA’s Administration and Financial Management (CA-AFM) standards.

Note: The three levels of government are federal, provincial/territorial, and municipal

Note: Please see the CP-FIN Reference List for the research that informed the development of these standards. 

Note: For information about changes made in the 2020 Edition, please see CP-FIN Crosswalk.