Auditor-General's Report on the Annual Financial Report of the State of Victoria, 2008-09
Overview
This is the third of six reports to Parliament scheduled for 2009–10 covering the results of the annual financial report audits of the Victorian state and local government sectors. This report provides the results of the audit of the Annual Financial Report (AFR) of the State of Victoria.
Our external audit provides authoritative independent assurance that the Treasurer and the Minister for Finance, WorkCover and the Transport Accident Commission have prepared the AFR in compliance with the provisions of the Financial Management Act 1994 (FMA) and applicable accounting standards.
The AFR details the state’s cost of operations, revenue, impacts of market re‑measurement on the value of assets and liabilities, the value of what it owns and what it owes. In the AFR, information is provided at the:
- state level, which aggregates the three sectors of government, the general government sector (GGS), the public non-financial corporations (PNFC) and the public financial corporations (PFC) to present a whole-of-government perspective, and
- GGS level separated out to provide a perspective of the operations of the budget funded sector of government.