Financial Management Practices - Managerial Policy

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Financial Management Practices - Managerial Policy

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Approval authority
Vice-Chancellor and President
Responsible officer
Vice-Chancellor and President
Designated officer
Chief Operating Officer
First approved
1 April 2008
Last amended
18 December 2015
Review date
10 May 2018
Status
Active
Related documents
Conflict of Interest - Governing Policy
Superseded documents
Financial Management Practices- Managerial Policy
Related legislation / standards
Financial Management Practices Manual
Financial Administration and Audit Act 1977
Financial and Performance Management Standard 2009 (Qld)
Financial Accountability Act 2009 (Qld)

Financial Management Practices – Managerial Policy

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.

3. Definitions

In this policy the following definitions apply:

University means the University of the Sunshine Coast

4. Policy statement

4.1 The University will develop and document financial management practices and controls necessary to give effect to matters contained in the Financial and Performance Management Standard 2009, empowered under the Financial Accountability Act 2009.

4.2 The practices and controls, including specification of requirements related to Financial and Performance Management Standard 2009will be documented in a Financial Management Practice Manual. These will be described as Finance Directives and with related detailed Finance Procedures.

4.3 Finance Directives contained in the Financial Management Practice Manual must be consistent with the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009 and be approved by the Chief Operating Officer.

4.4 Finance Procedures in the Financial Management Practice Manual must be approved by the Chief Financial Officer.

4.5 The contents of the Financial Management Practice Manual must be kept current.

4.6 Records must be retained of superseded versions of the Financial Management Practice Manual for a minimum of 12 months following completion of an external audit.

4.7 All employees, and persons acting for, or 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.

4.8 All employees, and persons acting for, or 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.

5. Responsibilities

5.1 The Chief Operating Officer is responsible for the production and currency maintenance of the Financial Management Practice Manual.

END

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