Financial Management and Governance

Good financial management and governance is at the core of good management in government. It supports decision making, the effective running of organisations and value for money for the taxpayer.

We carry out work to help departments improve their financial management and governance. We publish reports on the value for money of expenditure and our annual audits of financial statements. We also work with audited bodies on an individual basis, for example by facilitating workshops with Audit Committees, and we pull together good practice material from across our client base to help organisations learn from each other.

Features

The Statement on Internal Control: A Guide for Audit Committees

High quality and proportionate internal control systems will help organisations achieve their aims. The Statement on Internal Control (SIC) is a public accountability document that describes the effectiveness of internal controls in an organisation and is personally signed by the Accounting Officer.  To help Audit Committees add value to their organisations in this area, the guide identifies good practice in corporate governance, risk management and internal controls, as well as the disclosure of these within the SIC. 

The Statement on Internal Control: A Guide for Audit Committees

Audit Committees- Improving performance

Amyas Morse spoke at the Best Practice for Audit Committees in Government Conference on 16th November.  He explained to an audience of Audit Committee Chairs and members how Audit Committees can help improve government performance.  He launched the revised “Audit Committee Self Assessment Checklist” and “Helping your Audit Committee to add value”.

A summary of the conference slides are available here

Improving your board’s performance: an event for public sector non-executive directors

Future funding cuts and political uncertainty provided the back-drop for the “Improving your Board’s performance” conference for public sector NEDs, hosted jointly by the Financial Management and Governance Practice, Mazars and the ICAEW.  Combine these factors with the range of objectives and stakeholders in the public sector and you can see NEDs have a lot of balls to keep in the air.

Conference slides are available here

Charles Darwin: On the Origin of Finance Directors?

Charles Darwin may seem an unlikely commentator on central government finance. But the principles of natural selection would seem to apply. The Finance Director role and Government Departments’ financial management continue to come under increasing scrutiny and only the fittest will survive.

Read full article: Charles Darwin: On the Origin of Finance Directors?

NAO reports on departments' financial management

Following on from our cross cutting report on "Managing Financial Resources" the Office is developing a new series of reports flowing from its audit work focusing on financial management. The reports will cover all major Government departments over a three year cycle and be available to the Committee of Public Accounts. 

Read full article: NAO reports on departments' financial management

Making £billions deliver

‘But surely the financial management is just for finance staff?’  Not in the slightest.  Good financial management sits at the heart of successful government.  Whilst most finance directors are now professionally qualified, it remains rare for financial considerations to be at the heart of decision making.

Read full article: Making £billions deliver