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1998 December Report of the Auditor General of Canada
December 1998 Report—Chapter 25
Exhibit 25.7—Financial Management Elements
Financial management elements include, among other things, the systems, policies and procedures needed in an organization to provide reasonable assurance that:
- financial risks are appropriately identified and managed;
- relevant, accurate and reliable information is available to decision makers on a timely basis to understand the financial implications of decisions before they are made;
- assets and public money are properly safeguarded and protected against losses;
- money is expended and collected with due regard to economy, efficiency and effectiveness and in accordance with executive financial authorities, laws and principles;
- financial results are reliable, timely and accurately reported;
- financial performance is appropriately monitored; and
- management is held accountable for the results it achieves.