This Part analyses the financial reporting of the five Victorian alpine resorts for the year ended 31 October 2014. It also discusses the oversight and internal control issues observed during the 31 October 2014 financial audits.
This Part comments on the financial sustainability risks of self-funded entities. These entities generate the majority of their revenue from their own operations, rather than from government funding.
Self-funded entities should aim to generate sufficient revenue from their operations to meet their financial obligations and to fund asset replacement.
In 2014–15 the Department of Education & Training (DET) failed to adequately address a number of previously identified deficiencies in relation to records supporting property, plant and equipment, and school-based transactions and balances. As a result, we issued a disclaimer of audit opinion on DET's 2014–15 financial report.
This Part covers the results of the 2014–15 audits of the seven portfolio departments, the two former portfolio departments and 221 associated entities.
This report covers the outcomes of the 2014–15 financial audits of the seven current portfolio departments, the two former portfolio departments and 221 associated entities that are not included in our other Audit Snapshot reports. Included in these associated entities are the five alpine resort management boards (alpine resorts) which have a financial year ending on 31 October.
This report presents the outcomes and observations from the 2014–15 financial audits of the seven portfolio departments, two former portfolio departments and 221 associated entities.
With the exception of the financial reports for the Department of Treasury & Finance (DTF) and the Department of Education & Training (DET), Parliament and the Victorian community can have confidence in the 204 finalised 2014–15 financial reports of the portfolio departments and associated entities.
Ordered to be published
VICTORIAN GOVERNMENT PRINTER December 2015
PP No 123, Session 2014-15
Dear Presiding Officers
In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to the Department of Premier & Cabinet, the Department of Treasury & Finance, the Department of Economic Development, Jobs, Transport & Resources, the Department of Environment, Land, Water & Planning, the Department of Justice & Regulation, the Victorian Government Solicitor's Office, Linking Melbourne Authority, VicRoads, Environment Protection Authority, Planning Panels Victoria and the Treasury Corporation of Victoria
The state entered into the following termination agreements with the East West Connect (EWC) consortium on 15 June 2015.