About Financial Management
The Financial Administration Act (FAA) provides the cornerstone of the legal framework for financial management within the Government of Canada. The FAA gives Treasury Board the authority over financial management matters and other matters relating to the prudent and effective use of public resources. This is done by approving financial management policies, allocating financial resources, and overseeing departmental performance. Financial management is an integral element of all management, and financial specialists have an important role in supporting their deputy and their department.
The Financial Management Sector (FMS) plays a lead role in supporting the commitment of the Office of the Comptroller General (OCG) to strengthening financial management, oversight, and reporting within the Government of Canada. FMS continues to lead efforts to ensure the availability of appropriate frameworks, policies, and guidance on financial management across the federal public service. It is also responsible for ensuring the use of appropriate accounting standards for timely, complete, and accurate financial reporting across government. To this end, the OCG continues its efforts to strengthen the financial management policy suite and improve financial operations, practices, information, systems, and reporting across government to support better decision making.
Financial management encompasses many segments. These segments are divided into sections to assist the financial management community with ensuring strong financial management of public resources, reinforcing the principles of probity and prudence, and contributing to better decision making.
- Coordination of activities in support of the Comptroller General’s mandate to provide functional leadership and support to the development of sustainable capacity of the financial management community across government.
- Provision of interpretations regarding financial management policies and instruments; support to the financial management community during transition periods for new initiatives and policy requirements; assistance to departments with Treasury Board submissions, grants and contributions, monthly ad hoc reviews of financial information and accounting when required; and watching for trends and emerging issues that may require action.
- Development, revision and implementation of effective financial management polices; provision of direction and advice on compliance of financial authorities as defined in legislation, regulations, policies and standards, as well as guidance and support of effective financial management practices such as costing and charging (i.e., cost recovery and user fees).
- Provision of direction and leadership in the area of Financial Management Systems (including data, business process and systems configuration) necessary to ensure that the financial information is accurate, reliable, accessible and timely within departments and across government.
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