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
Chief Operating Officer
Designated officer
Chief Financial Officer
First approved
1 April 2008
Last amended
15 November 2019
Effective start date
15 November 2019
Review date
15 November 2024
Status
Active
Related documents
Conflict of Interest - Governing 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)
Download PDF

Financial Management Practices – Managerial Policy

1. Purpose of policy

This policy is intended to guide and direct University financial management practices.

2. Policy scope and application

This policy applies to all employees and persons acting for, or on behalf, of the University.

3. Definitions

Please refer to the University’s Glossary of Terms for policies and procedures.

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 2009 will be documented in a Financial Management Practice Manual. These will be described as Finance Practice Statements and Guidelines.

4.3 Finance Practice Statements and Guidelines 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 All approved amendments to the Financial Management Practice Manual are to be reported to the Vice-Chancellor and President.

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4.6 Records must be retained of superseded versions of the Financial Management Practice Manual for a minimum of 12 months following completion of an external audit.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 Financial Officer is responsible for the production and currency maintenance of the Financial Management Practice Manual.

END

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