Good financial management is the foundation of every good organisation. CIPFA's Financial Management tool has been used by over 300 organisations in the UK since it was first developed in 2004. The principles of good financial management are unchanged and best practice resonates with the public sector globally. CIPFA has worked in partnership with a number of global organisations who aspire to transform their financial management.
CPA Australia is one of the world's largest accounting bodies with a global membership of more than 150,000 members working in 120 countries around the world, with more than 25,000 members working in senior leadership positions. Their core services to members include education, training, technical support and advocacy.
CPA Australia is now offering members the opportunity to reflect on current challenges across the public sector with the CIPFA FM Model and the good practice it promotes.
CIPFA's Neil Vincent Head of Training and Consultancy and Des Pearson PFM Advocate from CPA Australia explain why the FM Model is crucial to public sector organisations.
The Government Finance Officers Association, founded in 1906, represents public finance officials throughout the United States and Canada. The association's more than 18,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. The GFOA's mission is to enhance and promote the professional management of governmental financial resources by identifying, developing, and advancing fiscal strategies, policies, and practices for the public benefit. The GFOA has accepted the leadership challenge of public finance.
CIPFA worked closely with the GFOA giving access to the CIPFA FM Model self-assessment tool. Lots of members across America and Canada have been using the diagnostic tool to scrutinise their financial management framework against the best practice.
One practitioner Mike E Bailey from Redmond, Washington, USA shares his thoughts on the value of putting your current frameworks under the microscope to find out how robust they are. Read more.
Established in 1840, the Treasury is one of New Zealand’s oldest institutions. Initially the Treasury consisted of just a few officials responsible for managing the Government’s day-to-day financial affairs. Today the Treasury employs over 300 people, is the Government’s lead advisor on economic and financial policy, and has the overall vision of helping governments achieve higher living standards for New Zealanders.
During 2013 the New Zealand Treasury implemented a new process to offer assurance on internal control in governmental departments. CIPFA's FM Model was used to help departments understand where they might not be aligned with department's risk appetite.
The CIPFA TICK was adapted from the CIPFA FM Model, the framework examines nine principles of good practice for evaluating and improving internal control systems, focusing on areas where the practical application of internal control often fails in many organisations.
New Zealand Treasury
ADAA is primarily responsible for enhancing and promoting transparency and accountability across Abu Dhabi government and public entities ensuring that these subject entities are managing and utilizing their resources and funds efficiently, effectively, economically, ethically and in alignment with achieving the overall vision of Abu Dhabi.
The Authority aspires to be one of the top 5 accountability authorities in the world, hence looking at best practice in governance, auditing methodologies, performance assurance, training and development and benchmarking with similar leading bodies.
CIPFA worked closely with ADAA FAPRG employees delivering a comprehensive workshop to employees. The main objective was to share the information about how to apply the self assessment tool so that it provided an effective Audit/Assurance tool. Their primary use was to use the FM Model tool as an external audit tool covering all state entities. This was applied to some key departments including health, transport and their national bank.
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