Financial Management Practices Manual
Under Sections 61, 62 and 63 of the Financial Accountability Act 2009, the University, as a statutory body must ensure its operations are carried out effectively, efficiently and economically. The University must establish and maintain appropriate systems of internal control, keep funds and accounts in compliance with prescribed requirements, undertake planning and budgeting and prepare annual audited financial statements and reports.
Furthermore under Section 16 of the Financial and Performance Administration Standard 2009, the University is required to prepare and maintain a Financial Management Practice Manual (FMPM) which will be developed in accordance with the Act, the Standard, relevant legislation, Accounting Standards, best practice and associated internal policies.
The FMPM is formed by a number of individual but related policies. The FMPM is the authoritative internal source of information and guidance, designed to assist the University manage its financial resources and meet its financial responsibilities, and to assist University staff meet their financial compliance requirements. The FMPM is regularly reviewed and updated by staff in Financial Services. Should you have any questions regarding the University’s FMPM please contact EACFO@usq.edu.au or for specific enquires the “Contact points” listed at the beginning of each policy.
Financial Management Practice Manual (FMPM) contents: