Policies and Procedures [First Nations Financial Management Board, FNFMB]

As part of a sound governance structure, Council will need to create a policy that describes how all policies and procedures of the First Nation will be created and put into practice.

Under the FAL, only Council can approve financial administration policies and Council must keep a current list of these. Also, all financial administration policies of the First Nation must

be approved by Council
be in line with the FAL
support good accounting practices
include a list of and be made available to the people who have to follow the policies and procedures
be kept up to date
be changed only when authorized by Council or by the senior manager