Financial Management and Accountability Act

The Australia-Japan Foundation is a 'prescribed agency' within the meaning of the Financial Management and Accountability Act 1997 (the "Act").

As such, the AJF must abide by the Act and related legislation, which according to the Department of Finance and Administration, sets out "the financial management, accountability and audit obligations on agencies (including Departments) forming part of the general Government sector."

In particular, the Act governs how the AJF is to manage public resources "efficiently, effectively and ethically" and how it must maintain "proper accounts and records of the receipt and expenditure of Commonwealth money."

For the purposes of the Act, the Australia-Japan Foundation consists of (a) the Chairman and other members of the Australia-Japan Foundation; and (b) the staff mentioned in section 20 of the Australia-Japan Foundation Act 1976; and (c) other persons engaged under section 22 of that Act (for example consultants engaged to provide services to the AJF).

The Act and related legislation can be found on the Department of Finance and Administration's website. The Financial Management and Accountability Act 1997 can be found online.