3 Oversight of risk management
At a glance
Background
One of the primary tasks of an audit committee is to provide independent oversight of and advice on the agency's risk management framework.
2 Audit committee governance and operations
At a glance
Background
To maximise the effectiveness of the audit committee, it must have appropriate membership, access to information and operational support, and be subject to regular performance reviews.
1 Background
1.1 Introduction
1.1.1 The importance of good public sector governance
Good governance is integral to the Victorian public sector effectively managing its operations, conforming to applicable legislative and policy requirements, and being accountable for the expenditure of public funds and the achievement of outcomes. Good governance also assists in meeting public expectations of transparency and integrity and enhances confidence in decisions and actions.
Auditor-General's comments
|
Dr Peter Frost Acting Auditor-General |
Audit team Andrew Evans—Engagement Leader Verena Juebner—Team Leader Stefania Colla—Team member Engagement Quality Control Reviewer Matthew Zappulla |
Audit Committee Governance: Message
Ordered to be published
VICTORIAN GOVERNMENT PRINTER August 2016
PP No 183, Session 2014–16
The Hon. Bruce Atkinson MLC
President
Legislative Council
Parliament House
Melbourne
President
Legislative Council
Parliament House
Melbourne
The Hon. Telmo Languiller MP
Speaker
Legislative Assembly
Parliament House
Melbourne
Speaker
Legislative Assembly
Parliament House
Melbourne
Dear Presiding Officers
Audit Committee Governance
Body
This audit examined the effectiveness of governance arrangements for public sector audit committees, including their composition, operational arrangements and the information they received.
Annual Plan 2017–18
Body
Section 7A of the Audit Act 1994 requires the Auditor-General to develop an annual plan and present it to Parliament, following consultation with Parliament's Public Accounts and Estimates Committee. The annual plan is a key accountability mechanism for the office of the Auditor-General. It gives Parliament, the public sector and the community an opportunity to assess our goals, understand our audit priorities and scrutinise our program. It sets out, for the coming financial year, our work program and the resources required to implement the program.
Appendix E. Audit Act 1994 section 16—submissions and comments
Introduction
In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to the Department of Education & Training, the Department of Treasury & Finance and each of the eight universities 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.
Appendix D. Glossary
Accountability
Responsibility on public 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.
Asset
A resource controlled by an entity from which future economic benefits are expected to flow to the entity.
Appendix C. Financial sustainability indicators
Financial sustainability risk indicators
Figure C1 shows the indicators used in assessing the financial sustainability risks of universities in Part 2 of this report. These indicators should be considered collectively and are more useful when assessed over time as part of a trend analysis.
Figure C1
Financial sustainability risk indicators
Indicator |
Formula |
Description |
|---|---|---|
Net result (%) |