The Australian community expects Commonwealth Entities like CSIRO to manage public funds effectively.
CSIRO’s freedom to operate relies on us having a sound financial management and accountability framework. Our framework is built upon effective financial management strategies, procedures and practices, delegated financial authority at the appropriate level, and robust accountability systems which support delivery of the CSIRO’s science and strategy.
CSIRO’s financial management and accountability framework is designed to:
- Efficiently comply with all relevant legislation, regulation and rules efficiently;
- Enable transparent understanding of CSIRO’s financial position to all stakeholders;
- Meet the needs of CSIRO’s operating model;
- Rigorously manage our resources;
- Empower staff to act within their delegation;
- Maximise the benefit from all our investments;
- Meet Government’s reporting requirements;
- Enable efficient and appropriate use of public funds;
- Provide a sound system of compliance and controls management;
- Prevent fraud;
- Comply with the Australian Accounting Standards; and
- Comply with the CSIRO Corporate Governance and Policy Framework.
The CSIRO Board is accountable for the delivery of financial management and accountability directives from Government. CSIRO Finance facilitates the acquittal of those financial obligations to the CSIRO Board via the Board Audit and Risk Committee.
All staff who have a role in delivering the financial management framework are to provide timely and accurate delivery against these objectives.
We know we have a successful financial framework when CSIRO can live within its means, plan for a sustainable financial future, account to the public for our effective investment and expenditure decisions, and deliver timely and accurate financial transactions to all stakeholders.