Victorian Auditor-General's Office

Appendix E. Audit Act 1994 section 16—submissions and comments

Introduction

In accordance with section 16A and 16(3) of the Audit Act 1994 a copy of this report, or relevant extracts from the report, was provided to the Treasurer and all relevant agencies with a request for submissions or comments.

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.

3 The state's financial result

At a glance

Background

Financial indicators, when monitored over time, enable trends and potential risks to be identified and managed. We have adopted four key financial indicators to interpret the state's results and measure performance. They are the state's net result, net result from transactions, the infrastructure renewal ratio and the debt sustainability ratio.

2 Annual Financial Report audit result

At a glance

Background

The Annual Financial Report of the State of Victoria (AFR) is audited in compliance with the law and the Australian Auditing Standards, and Interpretations. This Part reports on the results of the audit.

Audit result

A clear audit opinion was issued on the AFR on 10 October 2011 and was tabled in Parliament on 13 October 2011.

The clear audit opinion means that the public and government can be reasonably assured that the state's financial reporting is reliable and accurate.

1 Background

1.1 Introduction

The Financial Management Act 1994 (FMA) governs the financial administration, accountability and reporting of the Victorian public sector. It requires the annual preparation of a consolidated financial report of the state, known as the Annual Financial Report of the State of Victoria (AFR).

Audit summary

Background

Each year the Treasurer prepares a set of financial statements for the State of Victoria that combine the results and balances of the 286 state-controlled entities in terms of Australian Accounting Standards. The financial statements are tabled in Parliament as part of the Annual Financial Report of the State of Victoria (known as the AFR).

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