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Financial management

Financial management is the system by which the resources of an organisation are planned, directed, monitored and controlled to enable the organisation's goals to be met.

Good financial management means an organisation anticipates and responds to changing circumstances and risks, delivers programmes to budgets and plans, constantly improves efficiency and services, and provides accurate and meaningful information to its stakeholders. All of this is more important than ever given big cuts in public spending, increasing delivery of services locally and through contracts, new financing mechanisms, greater demand due to demographic changes and new risks, such as cyber crime.

Financial management must therefore be a key part of public bodies' strategic and operational decisions and plans; they must have the financial information needed to make decisions and monitor operations; and their staff must have the right financial and commercial skills.

Browse the publications below, or find out more about lessons and good practice in:

Key NAO publications:

Good practice from the Excellence in Reporting in the Public Sector Award (Apr 2017)
The choice of finance for capital investment (Mar 2015)
Delivering value and accountability – CIMA and NAO expert panel report (Oct 2014)
Reporting financial management information to the Board (Jan 2012)
Financial Management Maturity Model (Jan 2010)

Driver & Vehicle Licensing Agency Annual Report & Accounts 2019-20

The Comptroller and Auditor General has reported on the DVLA Trust Statement.

Sector(s): Energy and environment, Transport

Performance Improvement area(s): Financial management

Department(s): Department for Transport

Published:
16 Jul 2020

Guide for Audit and Risk Committees on Financial Reporting and Management during COVID-19

This guide helps audit and risk committee members to examine the impacts of the COVID-19 outbreak on their organisations.

Sector(s): Audit committees and boards, Central Finance and Treasury

Performance Improvement area(s): COVID-19, Financial management, Support for Audit Committees, Support to Boards

Department(s): HM Treasury

Published:
24 Jun 2020

Overview of the UK government’s response to the COVID-19 pandemic

This report provides a summary of the UK government’s response to COVID-19 to date.

Sector(s): Central Finance and Treasury, Health and social care

Performance Improvement area(s): COVID-19, Financial and service sustainability, Financial management, Managing major projects

Department(s): Cabinet Office, HM Treasury

Published:
21 May 2020

Investigation into government’s response to the collapse of Thomas Cook

This investigation examines the government’s response to the collapse of Thomas Cook.

Sector(s): Business and enterprise, Regulation, consumers and competition, Transport

Performance Improvement area(s): Financial management

Department(s): Department for Business, Energy and Industrial Strategy, Department for Transport

Published:
19 Mar 2020

The Equipment Plan 2019 to 2029

This study assesses the financial assumptions underlying the Ministry of Defence’s 10-year Equipment Plan.

Sector(s): National security

Performance Improvement area(s): Financial management

Department(s): Ministry of Defence

Published:
27 Feb 2020

Summer 2020

Tackling the tax gap

The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. The tax gap arises for a number of reasons covering a wide range of behaviours from simple errors to evasion. According to HMRC’s analysis, the tax gap for 2017-18, the latest … Read more

Posted 9 January 2020 in: Central Finance and Treasury, Tax

Performance Improvement area(s): Financial management

Contact:

NAO Press Office
+44 (0)20 7798 7400 or email pressoffice@nao.org.uk

Whole of Government Accounts 2017-18

The Whole of Government Accounts consolidates the public sector’s accounts to produce a picture of the UK’s public finances.

Sector(s): Central Finance and Treasury, Government, efficiency and transparency

Performance Improvement area(s): Financial management, Fraud, error and debt management

Department(s): HM Treasury

Published:
24 May 2019

A memorandum on the Crossrail programme

This memorandum sets out background information about the Crossrail programme and the current position

Sector(s): Infrastructure, Transport

Performance Improvement area(s): Financial management, Managing major projects

Department(s): Department for Transport

Published:
28 Feb 2019

Due diligence processes for potential donations

With charities such as museums and galleries relying increasingly on donations to supplement public grant funding, this report summarises the issues faced and best-practice management of the risks associated with donations as a source of income.

Sector(s): Arts, media and sport, Commissioning and contract management

Performance Improvement area(s): Financial and service sustainability, Financial management

Department(s): Department for Digital, Culture Media and Sport

Published:
4 Aug 2017