Victorian Auditor-General's Office

Appendix H. Audit Act 1994 section 16–submissions and comments

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 Treasury and Finance, the Department of Sustainability and Environment, the Essential Services Commission, VicWater and the 20 entities with a request for submissions or comments.

The submission 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.

Appendix G. Performance indicators

This Appendix sets out the performance indicators against which water entities are required to report.

Financial Reporting Direction 27B Presentation and Reporting of Performance Information specifies the entities required to prepare and submit for audit a performance report. Ministerial directives issued under section 51 of the Financial Management Act 1994 specify the performance indicators that need to be reported in a performance report.

Financial indicators

Indicator

Appendix C. Reports on the results of the 2011–12 financial audits

Reports

This report is the third of six reports to be presented to Parliament covering the results of our audits of public sector financial reports. The reports in this series are outlined in Figure C1.

Figure C1

VAGO reports on the results of the 2011–12 financial audits

Report

Description

Auditor-General’s Report on the Annual Financial Report of the State of Victoria, 2011–12

Appendix B. Accountability arrangements

Governance

The responsible minister for the water industry is the Minister for Water. The relationship between the Minister for Water and the water entities is established by the Water Act 1989.

The Water Group, a business unit within the Department of Sustainability and Environment, supports and advises the Minister for Water.

The 19 water entities also report to the Treasurer of Victoria.

6 Internal controls

At a glance

Background

This Part presents the results of our assessment of general internal controls and controls over risk management and water tariff revenue.

Conclusion

Internal controls were adequate for producing reliable, materially accurate and timely financial reports. Nevertheless, a number of areas for improvement were identified.

5 Financial sustainability

At a glance

Background

To be financially sustainable, entities need to be able to meet current and future expenditure as it falls due. They also need the ability to absorb foreseeable changes and materialising risks without significantly changing their revenue and expenditure policies. This Part provides our insight into the financial sustainability of the 19 water entities based on our analysis of the trends in seven indicators over a five-year period.

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