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Section 4 Effective Financial Management
4.1 The Scottish Public Finance Manual
The primary document that governs all matters relating to public finance and reporting in Scottish public bodies is the Scottish Public Finance Manual ( SPFM).
The SPFM provides guidance to your public body and its sponsor Department on the proper handling of public funds. It is mainly designed to ensure compliance with statutory and parliamentary requirements (in particular, the Public Finance and Accountability (Scotland) Act 2000), promote value for money and high standards of propriety, and secure effective accountability and good systems of internal control. It covers a wide range of areas such as:
- Accountability;
- Procurement;
- Risk management;
- Appraisal and evaluations of major investments; and
- Budget management and monitoring.
It is essential that the Board has processes and systems in place to ensure compliance with the SPFM. Board members should look to the staff of the public body for advice and assurance that the SPFM is being complied with but should be aware of the areas covered by the SPFM and have access to a copy for reference purposes.
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