An overview of the Financial Management Compliance Framework What is the FMCF?What are the objectives?Who needs to comply?How and when do agencies certify?

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Presentation transcript:

An overview of the Financial Management Compliance Framework What is the FMCF?What are the objectives?Who needs to comply?How and when do agencies certify? The Financial Management Compliance Framework (FMCF) is a framework to assist Victorian Public Sector (VPS) agencies establish and maintain effective financial management to support the achievement of agencies’ key objectives and goals. It also helps the Victorian government monitor the standard of financial management in line with the Standing Directions of the Minister for Finance (the ‘Directions’). The FMCF was launched by the Department of Treasury and Finance (DTF) in July 2003 and was subsequently updated in July The FMCF was developed to: promote effective financial management meet the government’s requirements for accountability provide Ministers (including the Minister for Finance) with reasonable assurance that VPS agencies have implemented appropriate systems to comply with the Directions and to use public resources efficiently and responsibly assist agencies in identifying and documenting their financial compliance status The FMCF applies to all VPS agencies who: are a 'public body' (defined in section 3 of the FMA) and are included in the whole of government consolidated 'Annual Financial Report for the State of Victoria' Agencies certify compliance with the Directions Requirements (that are derived from the Directions) of the FMCF via the Compliance Monitoring System (CMS) website: Certification takes place annually from July to September each year. Refer overleaf for an overview of the annual certification process. Details of the Directions How did the Directions come about? What are the key components of the Directions? How are the Directions presented? The Directions are designed to supplement the Financial Management Act 1994 (FMA). They are pursuant to section 8 of the FMA. The Directions are based on the following three components of sound financial management: Financial Management, Governance and Oversight Financial Management, Structure, Systems, Policies and Procedures Financial Management Reporting Further information and assistance (See: Budget and Financial Management/ Financial Management Compliance Framework ) Go to the FMCF toolkit (on the DTF website) – the online information resource for the FMCF. DTF Initiatives: Launch of the FMCF toolkit to provide a single resource for all FMCF information in relation to the Directions, Rules, certification process, upcoming seminars and the updated User Guide. Information to assist in achieving compliance with the Directions – see FMCF Toolbox FMCF User Guide Serve to explain and clarify the principles and objectives of the direction (reference only). Guidelines Sets out the method of achieving the compliance obligation (mandatory). Procedure A statement which sets out the compliance obligation (mandatory). Direction Explanatory section providing users with an understanding of the compliance obligation. Background