Financial Management Toolkit - Department of Treasury and Finance

Reissue date: June 2011 1 Financial Management Toolkit Reissue date: June 2011 2 Department of Treasury and Finance Level 6, State Administration Centre 200 Victoria Square ADELAIDE SOUTH AUSTRALIA 5000 AUSTRALIA Financial Management Team Telephone: +618 8226 9529 Facsimile: +618 8226 3127 Website: www.treasury.sa.gov.au Published by the Department of Treasury and Finance Reissue date: 22 June 2011 © State of South Australia The Financial Management Toolkit is a companion document to Treasurer’s instructions. It has been developed to assist SA public authorities with the implementation of the requirements of these instructions. It contains guidance, examples and checklists. Reissue date: June 2011 3 TABLE OF CONTENTS Framework for financial management in the SA Public Sector ............................................. 4 About the Toolkit ...................................................................................................................

5 Background........................................................................................................................... 6 Internal control environment.................................................................................................. 7 Financial management compliance program ........................................................................ 15 Flowchart – Framework for financial management compliance ............................................ 19 Financial management reporting .......................................................................................... 21 Flowchart – Framework for financial management reporting ................................................ 23 Guidance – TI 11 Payment of Creditors’ Accounts……………………………........................ 24 Guidance – TI 15 Grant Funding……………………………………………………….. ............. 27 Guidance – TI 25 Taxation Policies ...................................................................................... 28 Financial management compliance checklist........................................................................ 40 Part 1 - Financial management accountability .............................................................. 40 Part 2 - Financial accounting and budgeting...............................................................................45 Part 3 - Financial management reporting.....................................................................................57 Financial reporting checklist..................................................................................................61 Administrative restructure checklists Transferee entity .......................................................................................................... 79 Transferor entity ...................................................................................................................................101 Risk management policy statement issued by the Premier and Treasurer........................... 123 Bibliography ...................................................................................................................... ... 124 Reissue date: June 2011 4 FRAMEWORK FOR FINANCIAL MANAGEMENT IN THE SA PUBLIC SECTOR The Framework for Financial Management applying in the SA Public Sector has as its foundation the Public Finance and Audit Act 1987. The Act regulates the receipt and expenditure of public money and provides for auditing the receipt and expenditure of public money and for examination of the degree of efficiency and economy with which public resources are used. There are numerous other Acts of Parliament that address certain aspects of financial management in the State – refer to page15 for a listing of financial management and related legislation in SA. Treasurer’s instructions issued pursuant to section 41 of the Public Finance and Audit Act 1987 deal with: • requiring accounts to be maintained and records to be made and kept by the Treasurer and public authorities and setting out the form and content of those accounts and records; • setting out the form and content of financial statements that must be prepared by the Treasurer and public authorities pursuant to the Public Finance and Audit Act 1987; • requiring that procedures, set out in the instructions, be followed in the course of financial administration by the Treasurer and public authorities; and • requiring that procedures, set out in the instructions, be followed in the operation of special deposit accounts. The Commissioner for Public Employment and the State Procurement Board have also issued sub-ordinate legislation pursuant to their respective Acts. Refer to page 15 under “sub-ordinate legislation” for a listing of such instruments. In addition, policies are also issued by the Department of Treasury and Finance, the Department of the Premier and Cabinet and the Department of Transport, Energy and Infrastructure,...

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