The Penticton Indian Band (PIB) has earned a gold standard commendation from the First Nations Financial Management Board.
FNFMB’s mandate is to support Canada’s First Nations and help them effectively manage their finances, apply for loans on similar terms as other governments in Canada, and to review and audit financial practices.
The PIB is one of just 24 First Nations in B.C. and 44 nationwide to attain the Financial Management System certification.
“This ensures that the community receives the transparency and accountability that it deserves,” PIB Chief Greg Gabriel said.
“The review included obtaining an understanding of the system, assessing any risks associated with the system, testing the design and implementation of the system based upon the assessed risk, and performing such other procedures considered necessary in the circumstances,” Geordie Hungerford, FNFMB’s chief executive officer, wrote in a Nov. 6 letter to chief and council.
The PIB has a team of six responsible for the financial records, and a finance and audit committee that provides oversight and reports to council.
The local First Nation had previously attained two other FNFMB standards: Financial Performance Certification in 2013 and Approved Financial Administration Law in 2017.
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