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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 refreshed this model in 2024 to include more guidance, add additional questions, better reflect contemporary practices, and improve functionality. We used it in our 2023 financial audits of local government entities to assess their financial statement maturity levels, and highlighted the results in our report Local government 2023. We previously used this model in our 2020 and 2022 financial audits of departments and discussed the results in our State entities 2022 report to parliament.