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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.

Find out more about lessons and good practice identified in NAO's work across government in Asset sales and privatisation; Cost reduction and affordability; Fraud, error and debt management; Infrastructure finance; and Managing assets and liabilities.

Key NAO publications: The choice of finance for capital investment (Mar 2015); Building Public Trust Awards – Examples of good practice in annual reports (Jan 2015); Delivering value and accountability – CIMA and NAO expert panel report (Oct 2014); Reporting financial management information to the Board (Jan 2012); and Financial Management Maturity Model (Jan 2010)

Showing 1 - 10 of 14 results. Order by: Most recent Alphabetical

Middle of two road signs

Managing the welfare cap

The welfare cap is encouraging a greater understanding of spending on some benefits and tax credits across government, but it is important that processes for managing the cap are reliable.

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Published:
27 Apr 2016

Pen and Calculator

Framework to review models

This framework provides a structured, flexible approach to reviewing models. It is intended to aid those commissioning or undertaking analysis of a model with the aim of determining whether the model is robust and reasonable.

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Published:
18 Mar 2016

Cover image of report showing adverts and brochures

Building Public Trust Awards – Examples of good practice in annual reports 2015

The Building Public Trust Awards recognise outstanding corporate reporting that builds trust and transparency. This interactive document illustrates a range of good practice examples in public sector reports.

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Performance Improvement area(s): ,

Published:
8 Mar 2016

Chair back with portcullis emblem

Accountability to Parliament for taxpayers’ money

The incentives on government Accounting Officers to prioritise value for money are weak compared to those associated with the day-to-day job of satisfying Ministers.

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Published:
23 Feb 2016

HM Treasury building

Companies in Government

Since 2010 there has been an increase in the number of companies in government at the same time as a reduction in the number of public bodies which raises issues of transparency, accountability, governance and review.

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Performance Improvement area(s): ,

Published:
10 Dec 2015

Money, cash, british pounds, Twenty pound note

Report of the Comptroller and Auditor General: Whole of Government Accounts 2013-14

HM Treasury is improving the content of the Whole of Government Accounts, which shows the overall financial position of the UK public sector, and the document has been produced faster than ever.

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Published:
26 Mar 2015

Money

The choice of finance for capital investment

The NAO publishes a briefing paper considering capital investment by government and how it chooses to finance it.

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Published:
17 Mar 2015

Cover image of report showing adverts and brochures

Building Public Trust Awards – Examples of good practice in annual reports

The Building Public Trust Awards recognise trust and transparency in corporate reporting. This is the 12th year in which PwC has presented these annual awards.

Performance Improvement area(s):

Published:
29 Jan 2015

Two businessmen in a meeting

Delivering value and accountability – CIMA and NAO expert panel report

Fiscal pressure on government departments is set to continue through the next Parliament, with citizen expectations continuing to rise. With the ‘more for less’ challenge continuing indefinitely and an increasingly complex public sector landscape, a strong and integrated finance function across government is crucial.

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Published:
9 Oct 2014

Understanding central government’s accounts – an introductory guide for those with an oversight role

Our new guide is aimed at helping non-accountant readers of government’s accounts understand better what is being reported in them and what it means.

Performance Improvement area(s): , , ,

Published:
4 Apr 2014

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