Financial Administration Manual

205 Internal Controls

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Effective: April 1, 2016
Section: Risk Management
Administrator: Office of the Comptroller General
Applicability: GNWT Departments and Public Agencies 

POLICY

GNWT Departments and Public Agencies shall implement and maintain internal control processes and procedures, both manual and electronic, designed to prevent, detect and correct deviations from accepted standards for effective management of public resources appropriate for the organization.

PURPOSE    

Developing, implementing and maintaining systems of internal controls help to achieve the following objectives:

  1. To provide information to users that is presented fairly and is understandable, comparable, relevant and reliable.
  2. To physically safeguard assets from loss, damage or theft;
  3. To preserve financial and other resources; and
  4. To demonstrate responsibility, transparency and accountability of financial operations.

SCOPE

Applies to financial and risk management of information, human resources, and public assets.

RESPONSIBILITIES

Deputy Head

Select, approve, establish and maintain systems, procedures and controls that collect and record information (financial and other), and protect and maintain human resources and public assets.

Comptroller General

May approve interpretation bulletins associated with this policy.

Financial Management Board

Act on all matters related to the financial management or financial administration of GNWT Departments and Public Agencies; may issue a directive respecting the financial management or financial administration of a Public Agency.

Minister of Finance

Responsible for matters relating to the collection, management and control of public money; Monitor financial management systems of GNWT Departments; may examine records of, request information from, or direct that any information or explanations be provided by, a GNWT Department, Public Agency or other reporting body that the Minister of Finance considers necessary to exercise his or her powers or perform his or her duties.

AUTHORITIES and REFERENCES

INTERPRETATION BULLETINS