Financial Management Practices Institutional Operating Policy
Responsible Officer: Vice-Chancellor
Designated Officer: Chief Financial Officer
Approval authority: Vice-Chancellor
Approval: 1 April 2008
Last Amended: N/A
Effective starting date: 2 April 2008
Any policies replaced by this policy: N/A
Policy number: O3
Related Policies: N/A
Related Documentation: Financial Management Practice Manual
Related Legislation:
- Financial Administration and Audit Act 1977
- Financial Management Standard 1997
Due date for next review: 1 April 2013
Part A: Preliminary
1. Purpose of policy
This policy is intended to guide and direct University financial management practices.
2. Application of policy
This policy applies to all employees and persons acting for, or on behalf, of the University.
Part B: Policy
3. Financial Management Practice Manual (or FMPM)
3.1 The University will develop and document financial management practices and controls necessary to give effect to matters contained in the Financial Management Standard 1997, empowered under the Financial Administration and Audit Act 1977.
3.2 The practices and controls, including specification of requirements related to Financial Management Standard 1997 will be documented in a Financial Management Practice Manual. These will be described as Finance Directives and with related detailed Finance Procedures.
3.3 Finance Directives contained in the Financial Management Practice Manual must be consistent with the Financial Administration and Audit Act 1977 and the Financial Management Standard 1997 and be approved by the Chief Financial Officer.
3.4 Finance Procedures in the Financial Management Practice Manual must be approved by the Chief Financial Officer.
3.5 The contents of the Financial Management Practice Manual must be kept current.
3.6 Records must be retained of superseded versions of the Financial Management Practice Manual for a minimum of 12 months following completion of an external audit.
3.7 All employees, and persons acting for on behalf of the University, engaged in duties in connection with the financial management of the University, or part thereof, must comply with the Financial Management Practice Manual.
3.8 All employees, and persons acting for on behalf of the University, engaged in duties in connection with the financial management of the University, or part thereof, must be advised of the existence and availability of the Financial Management Practice Manual.
4. Responsibilities
4.1 The Chief Financial Officer is responsible for the production and currency maintenance of the Financial Management Practice Manual.
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