Standing Directions 2018 Under The Financial Management Act 1994

The Standing Directions 2018 under the Financial Management Act 1994 (2018 Directions) set the standard for financial management by Victorian Government agencies.

The 2018 Directions require better financial management by agencies. Changes introduced over the past few years include requirements for stronger accountability for agency boards, Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs), controls against fraud and corruption, better planning, and public attestation in agencies’ reports. Newly included are requirements for the Central Banking System. The 2018 Directions will drive a significant modernisation of the State’s financial management regime and operations.

The 2018 Directions were approved on 11 October 2018, and subsequently updated in early December 2018 to incorporate Ministerial and machinery of government changes following the State election.

Instructions

Instructions are issued by DTF and are mandatory. The Instructions provide more detailed mandatory requirements, in specific areas of risk and are linked to specific Directions through corresponding numbering.

The links below relate to the Standing Directions as in place immediately before approval of the Standing Directions 2018. These links will be updated in early 2019.

Guidance

Guidance is issued by DTF and is non-mandatory. The Guidance provides supporting information in relation to the interpretation and implementation of the Directions and Instructions. The Guidance is linked to specific Directions through corresponding numbering.

Standing Directions fact sheet

The fact sheet provides a summary of the 2016 Directions, changes from the 2003 Directions and information on implementation, transitional arrangements and exemptions.

Find out if your agency is subject to the Standing Directions

This fact sheet helps you determine if your agency is subject to the Standing Directions.

Compliance attestation checklist 2018-19

The Compliance Attestation Checklist 2018-19 is designed to be used by Agencies to assist with monitoring, reporting on and attesting to compliance with the Directions. The document includes a checklist of the mandatory requirements in the Directions and the supporting Instructions.

Download a checklist to help you comply with the Standing Directions.

Agency Compliance Report template 2018-19

The Agency Compliance Report template 2018-19 has been developed for use by Agencies reporting annual compliance outcomes against the Standing Directions and Instructions to their Portfolio Department.

Agency significant or systemic fraud, corruption and other losses report template

The Agency Significant or Systemic Fraud, Corruption and Other Losses Report template has been developed for use by Agencies when reporting significant or systemic Fraud, Corruption and Other Losses in accordance with Direction 3.5.3 of the Standing Directions 2018 and Instructions 3.5 and 3.6.

CFO responsibilities fact sheet

Chief financial officers (CFOs) of Victorian Government departments and agencies have specific responsibilities under the Standing Directions.

Other documents

Data integrity manual

Transitional arrangements from Directions 2003 to Directions 2016

  2015-16 compliance year 2016-17 compliance year 2017-18 compliance year
Directions 2003 All Directions applicable n/a n/a
Directions 2016 n/a All Directions applicable, subject to transitional arrangements under 2016 Direction 1.4. All Directions applicable, subject to transitional arrangements under 2016 Direction 1.4.
Compliance reporting/internal attestation 2005 Financial Management Compliance Framework Compliance reporting as required under 2016 Instruction 5.1, including trial attestation. Compliance reporting as required under 2016 Instruction 5.1.
Public attestation in Annual Report 2003 Direction 4.5.5 Risk management framework and processes 2016 Direction 3.7.1 Risk management framework and processes* Attestation in relation to all applicable Directions and Instructions under 2016 Direction 5.1.4.

Current Whole of  Victorian Government Financial Management Compliance Report

The report provides an overview of whole of Victorian Government financial management compliance.

Contact

Any questions related to the 2018 Directions please email standing.directions@dtf.vic.gov.au.

Related policies

The following policies are referred to in the 2018 Directions:

Victorian Government Risk Management Framework

Asset Management

Model report

Centralised Treasury and investment policy

Central Banking System

Reviewed 05/08/2019
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