Figure B1 shows the risk ratings applied to management letter points raised during an audit review.
Figure B1
Risk definitions applied to issues reported in audit management letters
Rating |
Definition |
Management action required |
|---|---|---|
Extreme |
The issue represents: |
Figure A1 lists the eight universities and their 51 controlled entities which form the university sector at 31 December 2015.
Figure A1
University sector entities at 31 December 2015
Entity |
|---|
|
Deakin University
Federation University |
Victorian universities have a variety of ways in which they can engage with institutions, businesses, students and communities internationally, including through the awarding of Victorian qualifications to overseas-based students. This part looks at the governance and risk management arrangements in place to enable these operations to be overseen by the university councils, based in Victoria.
To be financially sustainable, universities need to be able to meet their current and future expenditure as and when it falls due. They also need to be able to absorb the financial impacts of any changes and financial risks that materialise, without significantly changing their revenue and expenditure policies.
This report provides information on the outcomes and findings of the 2015 financial audits of the eight universities and the 51 entities they control. Appendix A details the entities included in this report.
Figure 1A outlines the structure of this report.
Figure 1A
Report structure
Part |
Description |
|---|---|
Part 1: Context |
|
Dr Peter Frost Acting Auditor-General |
Audit team Simone Bohan—Engagement Leader Helen Grube—Team Leader Kevin Chan—Analyst Engagement Quality Control Reviewer Tim Loughnan |
Ordered to be published
VICTORIAN GOVERNMENT PRINTER May 2016
PP No 158, Session 2014-16
Dear Presiding Officers
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 and each of the 12 technical and further education institutes 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.
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.
A resource controlled by an entity from which future economic benefits are expected to flow to the entity.