This briefing paper looks at the ways in which a public organisation can organise itself to carry out Budgeting and Financial Management effectively. It includes consideration of embedding Financial Management skills in Government; the Manifesto of the Chartered Institute of Public Finance and Accountancy; Financial Governance arrangements; the roles of Members, Managers and Accountants; Devolved Financial Management; Financial Information Systems and Critical Success Factors.
In February 2008 the Treasury’s Financial Skills Advisory Panel published "Doing the Business: Embedding Financial Management Skills in Government". According to this report:
“Good Financial Management is like fresh air, exercise and a healthy diet. Organisations need it every day to stay fit and to live a full and active life.
“The very best organisations have understood this need and taken steps to develop financial management skills throughout their operations so that every business decision is underpinned by a proper understanding of its financial implications."
Financial Governance is achieving an increasingly high profile in both the private and public sectors. Public bodies need good systems of financial governance. Clear accountability is of critical importance. There is a need to embed good Financial Management in public authorities at all levels. Councillors and Board Members, Managers and Accountants all have important roles to play and none can carry out their roles effectively without being empowered to do them. Devolved Financial Management is seen as good practice, good Financial Management Information Systems are required and Critical Success Factors have been identified.
For full briefing paper please click HERE
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