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FINANCIAL ADMINISTRATION LAW The Financial Administration Law is an important part of a successful financial administration system. A Financial Administration Law is comprised of a set of rules for the establishment and operation of the financial management system, in some cases leading to ‘subordinate’ policies and procedures. In the development of the sample law, the FMB has considered the COSO framework for internal controls - an internationally recognized model. A First Nation that wishes to borrow from the First Nations Finance Authority will be required to pass a financial administration law that conforms to FMB Law Standards. The FMB has developed a DRAFT sample law as a template that may be of assistance to First Nations in drafting their own laws. This sample law complies with the requirements of the legislation and FMB standards. The table below describes some of the key elements that are being considered for inclusion in the sample law. Table 1 - Elements being considered for inclusion in a Sample Financial Administration Law
The use of sample laws is consistent with the approach being used by
the First Nations Tax Commission and is a continuation of the practice
established by the Indian Taxation Advisory Board. Using sample laws can
help to reduce time and costs associated with legal drafting.
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