2 Financial reporting
At a glance
Background
This Part covers the results from the 2013 audits of the 14 technical and further education (TAFE) institutes and the 13 entities they control.
This Part covers the results from the 2013 audits of the 14 technical and further education (TAFE) institutes and the 13 entities they control.
Historically the results of audits of universities and technical and further education (TAFE) institutes were presented in one report, the Tertiary Education and Other Entities: Results of Audits report.
![]() John Doyle Auditor-General |
Audit team Tim Loughnan—Sector Director Michael Almond—Team Leader Matthew Graver—Audit Senior Ryan Ackland and Alex Mulholland—Analysts |
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER August 2014
PP No 334, Session 2010–14
In accordance with section 16(3) of the Audit Act 1994, a copy of this report was provided to:
The submissions and comments provided are not subject to audit nor the evidentiary standards required to reach an audit conclusion. Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
The High Value High Risk (HVHR) process was introduced to provide more certainty that expected outcomes and benefits for projects would be delivered. This would occur by strengthening the Department of Treasury and Finance's (DTF) support for and scrutiny of projects classified as HVHR.
Effectively managing the High Value High Risk (HVHR) process involves establishing a review capacity, applying clear policies and procedures to guide and record reviews, applying rigorous quality assurance, clearly communicating with stakeholders and monitoring and reporting on the process and its outcomes.
Effective planning and delivery of major infrastructure projects is critical for governments to achieve their policy objectives. In Victoria, the total value of public sector capital investments underway or commencing in 2014–15 is around $72 billion.
The 2014–15 Budget commits up to $27 billion in new infrastructure including:
![]() John Doyle Auditor-General |
Audit team Ray Winn—Sector Director Tony Brown—Team Leader Michelle Tolliday—Manager |