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

POLICY

Directors of Finance of the GNWT and Public Agencies are required to have the expertise with respect to all matters associated with financial planning, administration, reporting, and for internal controls.

PURPOSE             

To identify the core expectations of all Directors of Finance to help ensure that decisions are made, and advice is provided, using:

• The application of current knowledge of financial reporting standards applicable to the organization;
• In-depth knowledge of the Financial Administration Act (FAA) and Financial Administration Manual policies;
• Sound interpretation and application of internal control principles; 
• Professional judgment appropriate in the circumstances.

SCOPE

Applies to all Directors of Finance.

RESPONSIBILITIES

Directors of Finance

Support and advise Deputy Heads, Regional Superintendents and program managers in accordance with GNWT and other legislation, policies, practices, directives and established procedures; are responsible for the operation and control of the accounting function of an organization (i.e. department, public agency); provide advice on budget preparation, the financial implications of proposed legislation, policy, programs and practices and of planning and operating alternatives; and perform departmental comptrollership duties as directed by the Financial Management Board (FMB) and the Comptroller General, including financial reporting to prepare the organization’s financial statements and the GNWT Public Accounts, and other reporting as required by the Management Board Secretariat, including requirements described in the Planning and Accountability Framework of the GNWT. 

Comptroller General

May approve Interpretation Bulletins associated with this policy.

Financial Management Board

May issue a directive respecting the financial management or financial administration of a Public Agency.

AUTHORITIES and REFERENCES

• Financial Administration Act (FAA)
  • s. 7 – Duties: Board
  • s. 10 – Board directives
  • s. 13 – Minister of Finance
  • s. 15 – Ministers
  • s. 16, 17 – Comptroller General
  • s. 18 – Accountability: public agencies
  • s. 19 – Delegation  
  • s. 25 – Public Agencies
  • s. 83, 84, 85 – Designation
  • s. 139 – Public agency officer duties
  • s. 141, 143 – Offences and punishment
• CPA Canada Handbook – Accounting
• CPA Canada Public Sector Accounting Handbook
• Collective agreements
• Control Objectives for Information and Related Technologies (COBIT 5)
• Fiscal Responsibility Policy – Government of the Northwest Territories
• Government of the Northwest Territories Policies
• International Professional Practices Framework (Canadian Institute of Internal Auditors)
• Planning and Accountability Framework – Government of the Northwest Territories
• The Human Resource Manual, Government of the Northwest Territories

INTERPRETATION BULLETINS