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:
In response to the COVID-19 pandemic the government launched a series of schemes providing financial support to businesses of all sizes. Of these, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) provided support to the largest businesses—those with a minimum turnover of £45 million. Commercial lenders (for example, banks, building societies and peer to peer … Read more
The report examines the timeliness of auditor reporting on English local public bodies’ financial statements covering 2019-20.
This report examines whether the government secured financial sustainability across the local authority sector during COVID-19.
This interactive guide sets out good practice principles for annual reporting with examples from public sector organisations.
This report assesses how the BBC has positioned itself to respond to financial and strategic challenges and opportunities.
The C&AG has reported on the 2019-20 accounts of the Department for Environment, Food and Rural Affairs.
The C&AG has reported on the Insolvency Service Accounts 2019-20
The C&AG has reported on the 2019-20 accounts of the Ministry of Housing, Communities and Local Government (MHCLG).
This report examines the implementation of the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme.
The C&AG has reported on the 2019-20 Ministry of Defence accounts.
