In 1998 the Federal Government responded to the Royal Commission on
Aboriginal Peoples in its report Gathering Strength Canada's Aboriginal
Action Plan, by identifying capacity development in financial management
and accountability as a critical pre-condition to self-government.
To this end, the Assembly of First Nations (AFN) and the Certified General
Accountants Association of Canada (CGA) launched a partnership aimed at
raising financial management skills and standards of First Nations and
building the foundation for self-government. The Aboriginal
Financial Association of Canada (AFOA) was created in late 1999 as a
result of this initiative.
The AFOA develops and promotes quality standards, practices, education,
training and research to enhance capacity for the effective financial
management, performance reporting and accountability in Aboriginal and
First Nation communities and organizations. It builds partnerships,
provides certification and professional development, and develops
resources and tools to enable Aboriginal financial and management
executives to provide leadership, enhance the effectiveness of their
financial administration, management governance, promote confidence and
meet the challenges inherent in emerging government legislation and
regulations. The success of AFOA is a key element in building First
Nations governance capacity.