Purpose of standard
4 Purpose of standard
The purpose of this standard is to provide a framework for a department’s accountable officer or a statutory body to achieve reasonable value for money by establishing and maintaining systems, practices and controls for the efficient, effective and economical financial and performance management of the department or statutory body.
A department’s accountable officer or a statutory body—
is not limited by this standard; and
must adopt a proactive approach in monitoring the appropriateness of the systems, operations and overall financial position and performance of the department or statutory body.
Example for subsection (2)—
A department’s accountable officer or a statutory body may include matters in a system other than matters mentioned in this standard as elements of the system.
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