First Nations Fiscal Management Act Adaptation Regulations — 5
) Exclusion from federal public administration 115 (1) The officers and employees of an institution are not part of the federal public administration. No guarantees (2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of an institution. Financial year 116 The financial year of each institution is the period from April 1 to March 31, unless otherwise prescribed by regulation. Expenditure of revenues 117 Subject to any terms and conditions that the Treasury Board may direct, for the purposes of the institution, an institution may expend, during a financial year or the following year, any revenues that it receives in that financial year through the conduct of its operations. Corporate plans 118 (1) Each institution shall, in accordance with any directions given by the Minister, establish a five-year corporate plan and a budget for each financial year and submit them to the Minister for approval. Scope and contents of corporate plan (2) The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of (a) the objects or purposes of the institution; (b) the institution’s objectives for the five-year period to which the plan relates and the strategy it intends to employ to achieve those objectives; and (c) the institution’s expected performance for that five-year period as compared to its objectives set out in the last corporate plan. Contents of budget (3) The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations. Form of corporate plan (4) The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution. Restriction on business or activity (5) No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year. Amendment (6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval. Books and systems 119 (1) Each institution shall (a) keep books of account and records in relation to them; and (b) maintain financial and management control and information systems. Books and systems (2) The books, records and systems referred to in subsection (1) shall be kept and maintained in such a manner as will provide reasonable assurance that (a) the institution’s assets are safeguarded and controlled; (b) its transactions are in accordance with this Act; (c) its financial, human and physical resources are managed economically and efficiently; and (d) its operations are carried out effectively. Internal audit (3) An institution may cause internal audits to be conducted to assess compliance with subsections (1) and (2). Financial statements (4) Each institution shall annually prepare financial statements, in accordance with generally accepted accounting principles, as supplemented by any directions given by the Minister under subsection (6). Form of financial statements (5) The financial statements of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution. Directions (6) The Minister may give directions respecting the preparation of financial statements, to supplement generally accepted accounting principles. Annual auditor’s report 120 (1) Each institution shall cause an annual auditor’s report to be prepared in accordance with any directions of the Minister, on (a) its financial statements; and (b) any quantitative information required to be audited under subsection (3). Contents (2) A report under subsection (1) shall (a) include separate statements as to whether in the auditor’s opinion (i) the financial statements are presented fairly, in accordance with generally accepted accounting