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:
The Ministry of Defence (the Department) publishes its Equipment Plan report each year, setting out its intended investment on equipment and support projects over the next 10 years. It assesses whether this is affordable within its future budget. The Plan includes equipment already in use, such as the Lightning II jets, and in development, such … Read more
This report will assess how the BBC has positioned itself to respond to its current financial challenges and opportunities.
The C&AG has reported on the 2019-20 accounts of the Ministry of Housing, Communities and Local Government (MHCLG).
Public service pensions are a significant part of the pensions landscape in the UK. As at 31 March 2020 the major public service pension schemes had over 8 million members, including active and deferred members, and current pensioners. Most of the main public service pension schemes are unfunded, with benefits funded from current contributions on … Read more
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.
The C&AG has reported on the 2019-20 accounts of the Department for Business, Energy and Industrial Strategy (BEIS).
The C&AG has reported on the 2019-20 accounts of HM Treasury.
The C&AG has qualified his audit opinion on the 2018-19 accounts of Greenwich Hospital.
The C&AG has reported on the 2019-20 accounts of the Home Office.
