Ordered to be published
VICTORIAN GOVERNMENT PRINTER May 2019
PP No 31, Session 2018–19
Dear Presiding Officers
Ordered to be published
VICTORIAN GOVERNMENT PRINTER May 2019
PP No 32, Session 2018–19
Dear Presiding Officers
Our dashboard is interactive visualisation tool summarising the financial statement data for all Victorian technical and further education (TAFE) institutes.
Do you need help using the dashboard? Read our dashboard instructions.
Our dashboard is interactive visualisation tool summarising the financial statement data for all Victorian universities.
Do you need help using the dashboard? Read our dashboard instructions.
Responsibility of public sector entities to achieve their objectives in the reliability of financial reporting; effectiveness and efficiency of operations; compliance with applicable laws; and reporting to interested parties.
An audit opinion expressed if the auditor has sufficient appropriate audit evidence and concludes that misstatements, individually and in aggregate, are both material and pervasive in the financial report.
Figure E1 shows financial and non-financial sustainability indicators used to assess the financial sustainability risks of universities. These indicators should be considered collectively and are more useful when assessed over time as part of a trend analysis.
Our analysis of financial sustainability risk in this report reflects on the position of each university.
Figure E1
Financial and non-financial sustainability indicators, formulas and descriptions
Figure D1 shows the risk ratings applied to issues raised in management letters. It also details what they represent and the expected timeline for the issue to be resolved.
Figure D1
Risk definitions applied to issues reported in audit management letters
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Rating |
Definition |
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Our assessment of the readiness of individual universities for the new accounting standards is detailed in Figures C1 and C2.
Figure C1
Readiness of universities for accounting standards AASB 15 and 1058 as at March 2019
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Part of Group of Eight |
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Criteria – AASB 15 and AASB 1058 | ||||||||
Figure B1 lists the entities included in this report. It details the nature of the audit opinion for their 2018 financial reports, and the date it was issued to each entity.
Figure B1
Audit opinions issued for universities and their controlled entities for the year ended 31 December 2018
We have consulted with DET and the eight public universities in Victoria, and we considered their views when reaching our conclusions. As required by section 16(3) of the Audit Act 1994, we gave a draft copy of this report, or relevant extracts, to those agencies and asked for their submissions and comments. We also provided a copy of the report to the Department of Premier and Cabinet.
Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
Responses were received as follows: