Standing Direction 2.6 (f) of the Financial Management Act 1994 requires audit committees to monitor actions taken to resolve external audit issues and whether actions are adopted and addressed in a timely manner. All public sector entities should therefore report on and monitor actions in response to performance audit recommendations.
VAGO makes recommendations to address issues identified through performance audit. Agencies have an opportunity to comment on audit recommendations prior to reports being tabled and are encouraged to assist in the development of recommendations to ensure they are practical, achievable and address the issue. We then expect that agencies will monitor their progress in implementing recommendations to ensure timely completion.
Each year, VAGO undertakes a broad range of performance audits, culminating in reports to Parliament that contain findings and conclusions about the economy, efficiency and effectiveness of public services, and compliance with relevant legislation. These audits offer independent assurance to Parliament and the community about public sector performance. Performance audits may also identify better practice and are a catalyst for continuous improvement in the public sector.
 John Doyle Auditor-General |
Audit team Renee Cassidy—Engagement Leader Karen Ellingford—Analyst Engagement Quality Control Reviewer Kate Kuring |
Ordered to be published
VICTORIAN GOVERNMENT PRINTER FEBRUARY 2015
PP No 4, Session 2014–15
In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or relevant extracts from the report, was provided to the Department of Education and Early Childhood Development, the Department of Treasury and Finance and each of the 14 technical and further education institutes with a request for submissions or comments.
Responsibility on public sector entities to achieve their objectives, with regard to reliability of financial reporting, effectiveness and efficiency of operations, compliance with applicable laws, and reporting to interested parties.
The systematic allocation of the depreciable amount of an intangible asset over its expected useful life.
A resource controlled by an entity as a result of past events, and from which future economic benefits are expected to flow to the entity.
Figure D1
Financial sustainability indicators
|
Indicator |
Formula |
Description |
|---|---|---|
|
Underlying result (%) |
Adjusted net surplus / Total underlying revenue |
The financial audit framework applied in the conduct of the 2013 audits covered by this report is set out in Figure C1.
Figure C1
Financial audit framework
Source: Victorian Auditor-General's Office.
Figure C2 identifies the main components of an effective internal control framework.