An external audit is the process of having someone independent review an organization’s financial statements and form a view as to whether or not they reflect the actual state of the money and property of the organization.
The independent reviewer (known as the auditor ) must follow certain standards known as auditing standards. The external audit provides reassurance to the First Nation and other readers of the financial statements that what they are reading reflects reality.
There are certain key tasks that need to get done in every First Nation. These involve managing the overall day-to-day operations of the First Nation that include specific tasks around finances and reporting.
The FAL requires that these be assigned to specific individuals to make sure that they get done.
Therefore Council must create a policy outlining the duties and roles of the First Nation’s officers which include the senior manager, the senior financial officer and the tax administrator (if the First Nation is collecting local revenues).
If a First Nation defaults on a First Nations Finance Authority (FNFA) Borrowing Agreement or fails to comply with local revenues laws as governed by the First Nations Tax Commission, the FMB has the authority under the First Nations Fiscal Management Act (FMA) to step in to provide support.
Intervention is a support process that enables the FMB to investigate, understand, manage, and resolve any problems relating to:
The First Nations Fiscal Management Act (FMA) is optional First Nations legislation. It came into effect on April 1, 2006. The FMA established three First Nation institutions to develop practical, modern-day tools already used by other levels of government in Canada, and provide these tools to First Nations governments.
The First Nations Fiscal Management Act (FMA) is a law that provides First Nations with support and tools to strengthen your community and build your economy. First Nations can choose whether or not to participate in the FMA.
All of our First Nations clients must be scheduled under the First Nations Fiscal Management Act (FMA).
The First Nations Financial Management Board (FMB) supports First Nations across Canada to build good governance and finance practices.
About FMB
We are a non-profit, First Nation organization.
Our services come at no cost to First Nations.
We only provide services when asked to by our First Nations clients.
We are independent of the Crown.
“This is a general guide to certain laws applicable to doing business in New Brunswick, Canada. The guide covers topics such as, structures for doing business in New Brunswick, investment, import/export, warranties and consumer protection, director liability and investment, with an emphasis on labour and employment and tax.”
This document describes what documentary evidence is required when making tax-relieved (exempt) sales to Aboriginal individuals or band by way of telephone, internet or other electronic means. It describes the required documentation and process and also gives examples.
