The Financial and Performance Management Standard and the QGEA

The Financial and Performance Management Standard 2019 (FPMS) provides a framework for the development and implementation of systems, practices and controls for the efficient, effective and economical, financial and performance management of a department or statutory body. Key themes throughout the standard are the importance of accountability, governance, and internal controls.

The QGEA provides a range of policies and best practice guidance that can assist government bodies to meet their obligations in the FPMS and should be considered.

The following table provides examples on how the QGEA can support relevant sections of the FPMS.

Relevant section	QGEA examples
Section 7(4) - Internal controls This section is concerned with ensuring the efficiency and effectiveness of government body operations, objectives and delivery of services; and ensuring the accuracy and reliability of financial and management information; and managing risk exposure	The QGEA can help with internal controls methods or procedures in the areas of: digital and ICT planning and investment management, planning and analysis information management and security management project, program and portfolio management approaches assurance that projects and programs will deliver.
Section 22(2)(c) – Financial information management systems This section covers the management of financial information including recording, storing, keeping, retrieving, destroying and securing financial information.	The QGEA can help with the management and security of information, including information governance, asset management, custodianship and records governance.
Section 23(5) – Risk management This section includes managing risk and risk mitigation to ensure the continued operation of the department and the delivery of services	The QGEA is a central repository of digital and ICT risk management information, including asset risks, project, program and portfolio risks, security risks, procurement risks just to name a few.

Accountable officer and statutory bodies

The FPMS also includes scenarios where accountable officers and statutory bodies must have regard to the QGEA. Refer to the Queensland Treasury’s Financial Accountability Handbook.

Last updated:

7 December 2022