You have recently started work as an entry-level bookkeeper at Pine and Gold Pty Ltd, an accounting firm based in Sydney, Australia. You mainly handle accounts for partnerships and non-profit organisations.

Pine and Gold Pty Ltd is known for its adherence to the Australian Accounting Standards Board's (AASB) accounting standards and follows internal policies and procedures for financial statement preparation.

One of your first major tasks is preparing the annual financial statements for two different entities:

- The Sapphire Partnership, a small business partnership in the food and beverage industry

- The Hope Foundation, a prominent non-profit organisation in Sydney

For both entities, you have been provided with a large amount of financial data, including the general ledger, trial balance and other relevant financial documentation from the last financial year.

Your supervisor has asked you to explain the process you will follow to prepare financial statements for the two entities.

1. How will you collect data to produce financial statements in line with accounting standards? Outline two steps you will take to ensure that the data is reliable and accurate. (Consider where you might get the data from and how you will organise and cross-check it.)

2. To prepare financial statements, you need to understand the structure and format that comply with accounting standards and organisational requirements. Outline two methods to achieve this. (Consider what resources you might use to help you understand the correct structure and format)

3. After you have prepared the financial statements, how will you ensure they are free from error and compliant with accounting standards and organisational procedures? Outline the steps you will follow. (Consider a systematic approach to reviewing the statements for accuracy and compliance.)