Financial Management

The Financial Administration Act (FAA) guides the work of public servants and provides the cornerstone of the legal framework for financial management within the Government of Canada. Under the FAA, the Treasury Board has authority over financial management matters and other matters relating to the prudent and effective use of public resources. This is done by approving financial and management policies, allocating financial resources and overseeing departmental performance. Financial management is an integral element of all management, and financial specialists have an important role in supporting their deputy and their department.

The Financial Management Sector (FMS) plays a lead role in supporting the commitment of the Office of the Comptroller General (OCG) to strengthening financial management, oversight, and reporting within the Government of Canada. FMS continues to lead efforts to ensure the availability of appropriate frameworks, policies, and guidance on financial management across the federal public service and is responsible for ensuring the use of appropriate accounting standards for timely, complete, and accurate financial reporting across government. To this end, the OCG continues its efforts to strengthen the financial management policy suite and improve financial operations, practices, information, systems, and reporting across government to support better decision making. FMS also strengthens the professional capacity of the financial management community throughout the public service through a range of capacity building initiatives.