The institute has published responses to a consultation on a new draft of the code which aims to support good practice in financial management.
Responses from 59 stakeholders were supportive in the main but CIPFA also heard from respondents that the draft code was “too prescriptive” and needs to strike a balance between prescriptions and the ability to access detailed guidance.
Others noted their scepticism over CIPFA’s ability to implement the code in 2020 suggesting it was an “overly ambitious timeframe”. CIPFA said the code will be formally published in Autumn 2019.
CIPFA said that respondents also expressed caution that the code should not be seen solely as a responsibility for chief financial officers and should be a shared responsibility with other officers. Respondents suggested this could be achieved through closer links with monitoring officers and leadership training.
Respondents noted that commercial risk was not addressed as an issue in the FM code, which was consulted on between 20 March and 30 April 2019.
CIPFA said: “In light of the level of insightful and informed feedback we received, both through the consultation and through broader conversations with stakeholders, the code needs to be recrafted into a leaner document but still one that retains the key standards of good financial management.
“The commentary and feedback from all sectors will be considered as the code is redrafted to reflect these insights.”
