Page 36 - DOF Annual Report 2018

36 Annual Report 2018 - Department of Finance
The methodology of preparing financial reports consists of three main stages, each of which includes a series of required steps to complete the process of preparing and issuing the reports in an optimal manner. The stages are as follows:
1 1. Introducing and identifying the report’s strategic objectives.
2. Identifying the report’s scope in terms of the timeline and related financial information.
3. Identifying the report’s components through determining risks affecting the report’s objectives.
4. Introducing the report’s components to include the assessed objectives and risks along with action plans to overcome such risks and relevant measurement indicators.
5. Coordinating with the concerned unit responsible for financial information, determining the timeline for collecting them and the arrangements to prepare the report.
Stage One - Planning
2 6.
Stage Two – Implementation
Collecting information/data related to the report’s objectives to form the basis of the report.
Ensuring the accuracy and completion of the information and data used in the report, examining it according to international standards issued by the “International Auditing and Assurance Standards Board” (IAASB) and ensuring its alignment with the International Public Sector Accounting Standards (IPSAS).
Analysing data and converting it into information (facts).
7.
8.
3 9. Designing the report.
Stage Three – Reporting
10. Preparing the draft report.
11. Reviewing the report by the heads of department and identifying any areas for development and improvement.
12. Reviewing the report by an independent person within the outputs group.
13. Reviewing the report by the head of the outputs group.
14. Submitting the report to the Chairman of the Department of Finance for final approval.