Published: October 2019
Sector: State and local government entities
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.
Related resources
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Published: November 2019
- Type:
Advice and insights
We explain our financial reporting preparation maturity model and outline the key components that result in high-quality and timely financial reports.
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Published: June 2017
- Type:
Advice and insights
We cover how the auditing standard, ASA 720 The Auditor's Responsibilities Relating to Other Information, affects the Queensland Audit Office’s audit procedures over an entity’s annual report, and the responsibilities of entity management.