Appendix A. VAGO reports on the results of audits
Figure A1
VAGO reports on the results of the 2013–14 financial audits
Report |
Description |
|---|---|
Information and Communication Technology Controls Report 2013–14 |
9 Public private partnerships
At a glance
Background
This Part reviews the delivery of, and accounting for, public private partnerships (PPPs). It also analyses and comments on the total cost of PPPs to the state, and provides additional comment on three PPPs.
Conclusion
At 30 June 2014, 21 facilities in Victoria were operating or being built under a PPP arrangement. The total nominal cost of these PPPs over the remaining life of the contracts was $36.6 billion, payable over the period to 2041–42.
8 Significant projects
At a glance
Background
This Part details the progress of significant projects underway at 30 June 2014.
Conclusion
With the exception of Western Highway upgrades, the significant projects reviewed are progressing on time and within budget as at 30 June 2014.
7 Alpine resorts
At a glance
Background
This Part analyses the financial results and financial sustainability risk of the five Victorian alpine resorts for the five years ended 31 October 2013.
The financial statements of the majority of alpine resorts for the year-ended 31 October 2014 were not complete at the time of preparing this report.
6 Infringements
At a glance
Background
Infringement notices are issued by enforcement agencies—such as Victoria Police—to persons who have committed an offence. In 2013–14, 3.1 million fines were issued for mobile and fixed traffic camera offences, tollway offences and 'on-the-spot' offences compared with 3.5 million in 2012–13. Fines can be cancelled, withdrawn or written off under certain circumstances.
5 Prudential supervision
At a glance
Background
The Prudential insurance standards for Victorian Government insurance agencies (the Standard), issued by the Department of Treasury and Finance (DTF), establishes a policy framework for the prudential management of Victoria's insurance schemes. The Standard specifically applies to the Transport Accident Commission, the Victorian WorkCover Authority and the Victorian Managed Insurance Authority (the agencies).
4 Internal audit
At a glance
Background
Internal audit is a key mechanism available to help management discharge their governance and oversight responsibilities. Internal auditors can review and appraise internal controls, as well as identify areas of risk within an entity.
This Part presents the results of our assessment of the internal audit functions across the nine portfolio departments.
3 Financial sustainability risks of self-funded entities
At a glance
Background
In this Part we review the financial sustainability risks of 45 self-funded entities. These entities generate the majority of their revenue from their own operations, rather than depending upon government funding.
The self-funded entities should aim to generate sufficient revenue from their operations to meet their financial obligations and to fund asset replacement.
2 Quality of reporting by financial entities
At a glance
Background
This Part covers the results of the 2013–14 audits of nine portfolio departments and 201 associated entities. It also compares the financial reporting practices in 2013–14 against better practice, legislated time lines and 2012–13 performance.
1 Background
1.1 Introduction
This report covers the nine portfolio departments and 201 associated entities with 30 June 2014 balance dates. Included in these associated entities are the five alpine resort management boards (alpine resorts) which have an annual balance date of 31 October. The most common reporting frameworks for these entities are the Financial Management Act 1994 (FMA), the Corporations Act 2001 and the Australian Accounting Standards. Details of the entities covered in this report are set out in Appendix C.