Which DELWP agencies are subject to the FMA?
Most major DELWP agencies are subject to the FMA. They are public bodies which must submit an annual report that is tabled or reported in Parliament (see the annual reporting support module) and comply with a range of financial management obligations in accordance with the Standing Directions issued under section 8 of the FMA.
(Note: being a public body under the FMA is different to being a public entity under the Public Administration Act. However, most major DELWP agencies are both.)
The Minister for Finance issues Standing Directions under section 8 of the FMA. These set out how the requirements of the Act must be implemented. The Standing Directions and associated rules prescribe mandatory requirements that all government departments and public bodies must comply with.
New standing directions issued by the Minister for Finance in 2016 are effective as of 1 July 2016. These are the Standing Directions of the Minster for Finance 2016.
Model financial policies and procedures
- The model policies are currently being updated to assess what changes or additions may be required as a result of the Standing Directions of the Minster for Finance 2016. In the meantime, the existing model policies can continue to be used as a guide and agencies are strongly encouraged to ensure any changes required as a result of the new standing directions are incorporated.
- The financial model policies and procedures are provided as a guide for those DELWP agencies which are subject to the FMA
- They are combined into one document for downloading, but your agency can split them into separate topics if preferred.
What is in the model policies and procedures?
DELWP’s model financial policies and procedure are designed to assist board members, executive officers and staff of public bodies to establish and maintain effective financial policies and procedures in line with the Standing Directions. They are a guide only; public bodies are responsible for ensuring they have the appropriate policies, procedures and systems in place to ensure compliance with all applicable Standing Directions.
The models include:
- Guidelines on financial management related activities (e.g. managing outsourced financial services, disaster recovery)
- Compliance checklists to assist agencies assess their compliance with all applicable Standing Directions. These checklists guide agencies through the compliance certification process.
- A range of forms to assist your agency to comply with the Standing Directions.
Your agency will need to adapt the checklists and forms it contains to suit the nature, structure and functions of your agency.
In addition to their financial management obligations, public bodies are required to submit an annual report in accordance with the FMA.
Department of Treasury and Finance
- the Standing Directions of the Minister for Finance – see the Standing Directions of the Minister for Finance 2016 and related guidance
- Planning, Budgeting, and Financial Reporting frameworks.