Effective financial statement preparation processes allow finance staff to reduce the time they spend preparing, and controlling the quality of, their financial statements.
Our maturity model outlines 4 components needed for effective financial statement preparation, against 4 levels of maturity: developing, established, integrated, and optimised. It enables entities to self-assess their maturity and highlight targeted areas for improvement.
We used this model in our 2020 and 2022 financial audits of departments to benchmark the maturity of their respective financial statement preparation processes. We discussed the results in our State entities 2022 report to parliament.