Results of 2024 audits: TAFEs

Why this is important

There are 12 TAFEs and 14 controlled entities (an entity that another party has the power to govern and make financial and operating decisions about) in the Victorian TAFE sector. 

As public bodies, TAFEs must follow the Financial Management Act 1994, which includes preparing a financial report. TAFEs are also required to report mandatory performance indicators in line with the reporting requirements outlined by the Minister for Training and Skills in the statement of priorities.

We audit their financial reports and performance statements. 

As part of this audit we analyse the sector's financial outcomes and risks to financial sustainability. Through this audit we can also analyse the internal controls TAFEs use (people, processes and systems) to prepare financial reports and performance statements and how these controls may prevent TAFEs from preparing reliable financial reports. 

Our results of audits report informs Parliament on the outcome of our financial audits of TAFEs. 

Our report also informs Parliament about common control and financial reporting weaknesses in the sector and makes recommendations for improvement. 

What we plan to examine

We aim to table this report within 5 months of the sector's financial year end.

Further information

The Results of 2022 Audits: Technical and Further Education Institutes financial audits report was tabled on 30 June 2023. 

We provided clear audit opinions on financial reports and performance statements across the TAFE sector. Parliament and the community can confidently use these reports.