Accountability

Responsibility of 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.

Amortisation

The systematic allocation of the depreciable amount of an intangible asset over its expected useful life.

Asset

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.

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.

Universities and associated entities

Figure A1
VAGO reports on the results of the 2012–13 financial audits

Buses are a significant form of public transport, providing cross-town transport, local services and links to the rail network. They are often the only readily accessible form of public transport available for people living in Melbourne's middle and outer suburbs.

Public Transport Victoria (PTV) oversees public transport operators. It is responsible for managing all bus service contracts, which currently cost the state around $1 billion per year.

The scale, complexity and likely impacts of the demographic, health, security and climate challenges facing Victoria requires a mature, well-coordinated approach to public sector risk management.

Falling short of achieving this threatens the government's goals for growing the economy in a way that protects and enhances the environment while improving the quality of life of all Victorians. The Victorian Government Risk Management Framework (the Framework) recognises the importance of good risk management.