Appendix E. Audit opinions
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Appendix D. Acronyms and abbreviations
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Appendix C. Our audit approach
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Appendix B. Sector context
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Appendix A. Submissions and comments
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3. Internal controls
Universities' internal controls are adequate to prepare reliable financial reports, but their information technology controls require improvement.
2. Financial analysis
Despite the ongoing impact of COVID-19 on the sector's financial performance in 2021, most universities recorded an improvement on 2020. Balance sheets remained relatively strong.
International student enrolment numbers continued to decline in 2021—a trend which began from the start of the pandemic. Longer-term financial risks will emerge should the trend not improve.
1. Audit outcomes
We provided clear audit opinions on financial reports across the university sector. Parliament and the community can use these reports with confidence.
Results of 2021 Audits: Universities
Body
We conduct our financial audits of the university sector in accordance with the Audit Act 1994 and the Australian Auditing Standards.
Responses to Performance Engagement Recommendations: Annual Status Update
When we audit the performance of public sector agencies, we often identify opportunities for them to improve how they work. We make recommendations to help them address the risks and the root causes of any poor performance.
However, agencies are not legislatively required to accept, complete or publicly report on our recommendations.