3 Financial results
At a glance
Background
This Part analyses the financial results of the eight universities for the year ended 31 December 2013.
2 Financial reporting
At a glance
Background
This Part covers the results from the 2013 audits of the eight universities and the 56 entities they control. It also compares financial reporting practices in 2013 against better practice, legislated time lines and 2012 performance.
1 Background
1.1 Introduction
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. This year however, for the first time the results will be presented in separate reports: Universities: Results of the 2013 Audits and Technical and Further Education Institutes: Results of the 2013 Audits.
Audit summary
This report covers the results of the 2013 financial audits of 64 entities, comprising eight universities and the 56 entities they control.
Auditor-General's comments
 John Doyle Auditor-General |
Audit team Tim Loughnan—Sector Director Michael Almond—Team Leader Matthew Graver—Audit Senior Ryan Ackland—Auditor Ellen Holland—Engagement Quality Control Reviewer |
Universities: Results of the 2013 Audits: Message
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER May 2014
PP No 327, Session 2010–14
Universities: Results of the 2013 Audits
Body
This report covers the results of the 2013 financial audits of 64 entities, comprising eight universities and the 56 entities they control.
Appendix F. Audit Act 1994 section 16–submissions and comments
Introduction
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 Environment and Primary Industries, the Department of Treasury and Finance, the Treasury Corporation of Victoria, the Essential Services Commission and the 20 entities with a request for submissions or comments.
Appendix E. Acronyms and glossary
Acronyms
DEPI Department of Environment and Primary Industries
DTF Department of Treasury and Finance
ESC Essential Services Commission
FMA Financial Management Act 1994
Glossary
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.
Appendix D. Entity level financial sustainability
Indicators of financial sustainability
This Appendix sets out the financial indicators used in this report. The indicators should be considered collectively, and are more useful when assessed over time as part of a trend analysis. The indicators have been applied to the published financial information of the 19 water entities for the five-year period 2008–09 to 2012–13.