The Role of the Chief Finance Officer(s)

Report
Association of Police Authority Chief Executives
and Police Authority Treasurers’ Society
Joint Seminar
13, 14 September 2012
The Role of the Chief Financial Officer(s)
BOB SUMMERS
Treasurer to Norfolk Police Authority
The Role of the Chief Finance Officer(s)
•
•
•
Statute
Fiduciary Duty (personal)
Professional Standards/Codes
The Role of the Chief Finance Officer(s)
Statute
•
•
Appointment
 S151 Local Government Act 1972
 S113 Local Government Act 1988
 S58 Local Government Act 1958
 S25 Local Government Act 2003
 Para 7, Schedule 1, Para 5, Schedule 2, PRSR Act
2011
 Accounts and Audit Regulations
Unlawful expenditure/insufficient resources
 S114, Local Government Act 1988/S118, Schedule 16
PRSR Act 2011
NB. Additional/separate statute requirements for London and Wales
The Role of the Chief Finance Officer(s)
S114 Local Government Act 1988
• Unlawful expenditure/Unbalanced budget
• CFO reporting
• Personal statutory duty
The Role of the Chief Finance Officer(s)
Fiduciary Duty
• Attorney General v De Winton (1906)
• CFO Support/Para 4 FMCP
The Role of the Chief Finance Officer(s)
Professional Standards
• Status 2012 CFO Statement
 Adoption, Comply/Explain, Non CIPFA CFOs
• IFAC 2010 Code of Ethics
 Integrity, Objectivity, Professional
Competence, Due Care, Confidentially,
Professional Behaviour
• Codes of Practice/Standards/Best Practice
 Prudential Capital Finance, Treasury
Management, Accounting, Audit,
Governance, Pensions etc.
The Role of the Chief Finance Officer(s)
The Principles
Principle 1
The Chief Finance Officer of the PCC and CC is a
key member of the Leadership Team, helping it to
develop and implement strategy and to resource
and deliver the PCC’s strategic objectives
sustainably and in the public interest.
The Role of the Chief Finance Officer(s)
The Principles
Principle 2
The CFO must be actively involved in, and able to
bring influence to bear on, all material business
decisions (subject to the operational
responsibilities of the Chief Constable) to ensure
immediate and longer term implications,
opportunities and risks are fully considered, and
align with the overall financial strategy.
The Role of the Chief Finance Officer(s)
The Principles
Principle 3
The CFO must lead and encourage the promotion
and delivery of good financial management so that
public money is safeguarded at all times and used
appropriately, economically, efficiently, and
effectively.
The Role of the Chief Finance Officer(s)
The Principles
Principle 4
The CFO must lead and direct, a finance function
that is resourced to be fit for purpose.
The Role of the Chief Finance Officer(s)
The Principles
Principle 5
The CFO must be professionally qualified and
suitably experienced.
The Role of the Chief Finance Officer(s)
Practical Application
•
•
•
•
•
•
•
Consultation/Information Sharing
Mutual Confidence
Responsibilities
Principles
Management/Personal skills
Experience
Accountability
The Role of the Chief Finance Officer(s)
Breaching Professional Standards
• CIPFA Bye-laws
• Disciplinary Proceedings
• Examples
THANK YOU

similar documents