Government Accounting
Role and Responsibilities
The Government Accounting Division is comprised of three business units in Headquarters and offices in Fort Simpson, Fort Smith and Inuvik:
- Division Management
- Financial Policy and Systems
- Financial Reporting and Collections
- Regional Operations
Division Management
Government Accounting is responsible for the development, dissemination, and monitoring of the financial and accounting policies and procedures of the government, and the systems required for the management of the government’s financial resources. Government Accounting maintains the government’s financial resources through the management of a central revenue and collections function, payments of suppliers accounts, direct financial systems and financial and accounting policy developments, financial control, and provides timely, accurate and meaningful financial information and counsel, including the preparation of the Public Accounts.
Financial Policy and Systems
This unit is responsible for the provision of a centralized general accounting system including, revenue accounting accounts payable and accounts receivable functions in support of government operations, for the development and promulgation of financial polices and procedures, and providing advice, training and functional direction to government departments and employees. The unit is also responsible for the management and administration of the Power Subsidy Program.
Financial Reporting and Collections
This unit is responsible for the coordination and preparation of the Public Accounts, which includes the coordination of the year-end audit, liaison with the Office of the Auditor General, reviewing and establishing accounting policies and practices used by the department and defining the government reporting entity. As well the unit is responsible for minimizing the potential loss from bad debts by effectively analyzing credit risk on behalf of the government and the collection of overdue accounts receivable.
Regional Operations - Fort Simpson, Fort Smith and Inuvik
Provides interpretation and support to regional departments regarding the Financial Administration Act in addition to related policies and procedures. Other responsibilities include the review and approval of financial transactions; training for departments in financial systems; and providing backup support for regional departments in the processing of financial transactions.
Collection of revenue and accounts receivable activities for all regional departments. This includes receiving and depositing cash, issuing invoices and following up on overdue receivables.
The regional offices are responsible for conducing regular internal reviews to ensure compliance with the Government’s financial administration policies and procedures. This activity includes the planning of departmental reviews, fieldwork in conducting reviews, reporting on recommendations to management and follow-up to ensure recommendations are addressed.
