sec.4Purpose of standard

sec.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. 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. (sec.4-ssec.1) 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. (sec.4-ssec.2) 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. 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.

• (a) is not limited by this standard; and
• (b) 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.