3. Internal controls
TAFEs’ internal controls are adequate to prepare reliable financial reports and performance statements, but their information technology controls require improvement.
2. Financial analysis
The disruption of the pandemic along with rising costs continued to affect the financial performance of the sector, resulting in an overall net deficit result. Underlying growth in employee costs, an issue that existed before the pandemic, also continues to impact the sector.
TAFEs must focus on managing these costs and increasing alternative sources of revenue to ensure their long-term financial sustainability.
1. Audit outcomes
We provided clear audit opinions for all financial reports and performance statements across the technical and further education sector. Parliament and the community can use these reports with confidence.