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The Scottish Public Finance Manual (SPFM) is issued by the Scottish Ministers to provide guidance on the proper handling and reporting of public funds.
This section of the SPFM relates to the procurement, management and monitoring of the delivery of major investments. The guidance should be considered mandatory by the core Scottish Government (SG), SG Executive Agencies, non-ministerial departments and SG sponsored bodies.
The previous definition of a major investment project was a threshold value. This was a simple criterion that did not always identify the projects with the highest level of risk and uncertainty and most in need of independent assurance.
To improve the identification of the highest risk and most complex major investments, a wider set of characteristics have been introduced. They provide an overall assessment based on a number of criteria such as value, complexity and impact of Programme for Government commitments.
This should reduce the likelihood of highly complex and innovative projects, but small in terms of investment, missing out on the support available through independent assurance and related offerings for Senior Responsible Owners.
This approach is consistent with the definition used by UK Government Treasury.
Specific areas of interest are;
Definition – the definition has been broadened to include criteria around complexity, innovation, impact and risk. Assessment for independent assurance is now required for investments falling within those new criteria.
Risk Potential Assessment (RPA) – All investments are now required to complete and submit an RPA form. Independent assurance remains only mandatory for investments with a High risk score.
SRO Appointment Letter – a template is now provided.
Other organisations to which the SPFM is directly applicable – including separate accounting bodies sponsored by the SG – should have appropriate assurance frameworks consistent with the guidance in place.
Programmes and projects reporting to SG governance boards, such as the Infrastructure Investments Board (IIB), may be subject to additional requirements under other criteria as defined by that board.
Scottish Government Programme and Project Management Centre of Expertise
Updates include the addition of annexes A, B, C and D. Annexes in the Delegated Authority section.
Update to footnote in the borrowing, lending, and investment section.
Updates to wording of Annex 2 Internal control checklist for Certificates of Assurance.
New FGN note added - FGN 2025/03 financial memoranda that accompany Scottish Government bills.
Updates to the following sections following SPFM Strategic Review: Foreword, Accountability (and annexes), risk and subsidy Control. Also the addition of FGN 2025/02 explaining the updates
Link in point 23 of Settlement, Severance, Early Retirement, Redundancy section updated.
numbering in Annex 2 Internal control checklist for Certificates of Assurance updated due to a typo
Updated Annex 2 Internal control checklist for Certificates of Assurance, added FGN 2025/01 re CoA checklist and added in a word version of the checklist.
updated missing text in document SPFM - Non-Ministerial Offices model framework document July 2024.
Adding in FGN 2024/03 re the updated AO Spend Control Template and Guidance.
Updating the SRO Appointment letter in the documents section to include a point on construction projects in the Annex.
Executive agencies model framework document updated.
Non-Ministerial Offices model framework document updated.
Updating the SRO Appointment letter in the documents section to this years dates
Updated link to 'On Board: A Guide for Members of Statutory Boards' within Governance statements chapter.
Updates made to model framework document templates.
Updates made to text within Procurement chapter.
Replaced non-ministerial office model framework document and advisory non-departmental public bodies model framework with updated versions.
Document updated with an additional date - Settlement Agreement supporting documentation - final confirmation of terms
Replaced Non-Ministerial Offices model framework document
Updates to the Settlement, Severance, Early Retirement and Redundancy section. The main section and Annex's A, B C have all been updated along with updated documents and a Finance Guidance Note to explain the changes
Updated the Certificates of Assurance chapter, Annex 2 with the CoA checklist questions for 2023/24 and added a Finance Guidance note outling the changes.
Updates made to proportionate due diligence wording, Accountable Officer tests guidance, risk exposure guidance, public bodies duties, monitoring and management, exit arrangements.
Procurement chapter updated.
Updated 'Major investment projects' paragraph 12 and the SRO appointment letter.
