Office of the Public Sector Standards Commissioner

Good Governance

Nine Governance Principles

Principle 7: Finance

The organisation safeguards financial integrity and accountability.

Sound financial management is critical to ensure accountability and efficiency in the management of public resources, and as such an essential element to improve good public governance.

Standards (what is required?):

7.1

Finance policies define the key strategic goals and outcomes for which the organisation's finances must be employed.

Mandatory requirements | Guidelines | Good practice examples

7.2

A formal audit charter specifies roles and responsibilities, composition and structure of all audit functions.

Mandatory requirements | Guidelines | Good practice examples

Operations (how do you achieve it?):

7.3

Processes ensure the proper recording of financial transactions consistent with applicable accounting standards.

Mandatory requirements | Guidelines | Good practice examples

7.4

Financial operations contribute towards the organisation's key strategic goals and outcomes and uphold the highest level of integrity.

Mandatory requirements | Guidelines | Good practice examples

Monitoring (how do you know you are meeting the standards?):

7.5

Structured processes are in place to monitor and audit financial performance against budget and key strategic goals, both at executive level as well as by an independent audit committee.

Mandatory requirements | Guidelines | Good practice examples

Reporting (how do you let the right people know?):

 

The organisation's annual report identifies compliance levels against the relevant standards.

Annual compliance reporting addresses compliance with WA's requirements for good governance.

All material matters are reported to the relevant oversight bodies.

Mandatory requirements | Guidelines | Good practice examples

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Key resources


Disclaimer

OPSSC is providing the Good Governance Guide and the related Maturity Model free of charge to the WA public sector and the wider community. OPSSC, on behalf of the State of Western Australia, retains all intellectual property rights. OPSSC must be properly acknowledged whenever reference is made to the Good Governance Guide, the Maturity Model, other products of the Good Governance Guide or parts thereof. None of these products or parts thereof may be used for the purpose of generating profit for yourself, your organization or a third party.

Page last updated: September 25 2009