Chartertech was engaged by the Directorate to undertake a strategic review of its financial statements preparation process and to project manage the 2019-20 financial statements.
We liaised with the CFO, Strategic Finance team, ACT Government Shared Services and ACT Audit Office to gain an understanding of the operating environment and items impacting the financial statements. We identified a range of improvements and provided the Directorate with advice that detailed risks and remediations to be addressed to ensure the financial statements continued to comply with the requirements of the Australian Accounting Standards and ACT Government financial reporting policies. Through the engagement we also developed:
- A detailed model to prepare the cashflow.
- Integrated templates providing the ability to drill down from the financial statement notes to lead schedules, general ledger balances and transactions.
- Guidance on data collation techniques to ensure the completeness of information.
- New procedure task cards.
The improvements we delivered enabled the Directorate to enhance its processes and reduced the timeframe for the preparation of the financial statements.
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