Management of the Provincial Victoria Growth Fund: Message
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER December 2012
PP No 171, Session 2010–12
Management of the Provincial Victoria Growth Fund
Body
The audit assessed the effectiveness of the Provincial Victoria Growth Fund management framework and whether intended outcomes were achieved.
Appendix F. 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 all portfolio departments and named agencies with a request for comments or submissions. The comments and submissions provided for publication 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.
Responses were received as follows:
Appendix E. Acquittals
Public sector agencies are required, from time to time, to prepare acquittal statements to certify the spending of money has occurred for the purpose for which it was provided. Typically, these acquittals are prepared for Commonwealth-funded activities or capital works. Acquittal statements can be required to be audited by the Auditor‑General, or the Auditor-General can be asked to audit them in accordance with the requirements of a funding agreement.
This Appendix discloses the acquittal statements signed in the 2011–12 financial year.
Appendix D. Audit status
Parliament
(a) The Parliament of Victoria is an audit by arrangement pursuant to section 16G of the Audit Act 1994 and is not required to prepare a general purpose financial report, however does so in accordance with the Financial Management Act 1994.
(b) The Victorian Auditor-General’s Office was audited by a private sector auditor, pursuant to section 7B of the Audit Act 1994.
Appendix C. Financial sustainability indicators and criteria
Figure C1
Four core indicators of financial sustainability
Indicator |
Formula |
Description |
|---|---|---|
Underlying result (%) |
Adjusted net surplus/total underlying revenue |
A positive result indicates a surplus, and the larger the percentage the stronger the result. |
Appendix B. 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.
Amortisation
The systematic allocation of an intangible asset’s capital value as an expense over its expected useful life to take account of normal usage, obsolescence, or the passage of time.
Appendix A. VAGO reports on the results of audits
Figure A1
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 |
6 Risk management
At a glance
Background
Effective risk management is an important element of governance. In this Part we comment on risk management practices at the 11 portfolio departments against the Victorian Government Risk Management Framework and the international risk management standard.
5 Trust funds
At a glance
Background
Trust funds are discrete accounts that receive and distribute money for designated purposes. At 30 June 2012, the state had 111 trust funds that collectively held $2.7 billion. This Part reports on our review of key aspects of the controls, governance, oversight and reporting of trust funds.