The Prudential insurance standards for Victorian Government insurance agencies (the Standard), issued by the Department of Treasury and Finance (DTF), establishes a policy framework for the prudential management of Victoria's insurance schemes. The Standard specifically applies to the Transport Accident Commission, the Victorian WorkCover Authority and the Victorian Managed Insurance Authority (the agencies).
Internal audit is a key mechanism available to help management discharge their governance and oversight responsibilities. Internal auditors can review and appraise internal controls, as well as identify areas of risk within an entity.
This Part presents the results of our assessment of the internal audit functions across the nine portfolio departments.
In this Part we review the financial sustainability risks of 45 self-funded entities. These entities generate the majority of their revenue from their own operations, rather than depending upon government funding.
The self-funded entities should aim to generate sufficient revenue from their operations to meet their financial obligations and to fund asset replacement.
This Part covers the results of the 2013–14 audits of nine portfolio departments and 201 associated entities. It also compares the financial reporting practices in 2013–14 against better practice, legislated time lines and 2012–13 performance.
This report covers the nine portfolio departments and 201 associated entities with 30 June 2014 balance dates. Included in these associated entities are the five alpine resort management boards (alpine resorts) which have an annual balance date of 31 October. The most common reporting frameworks for these entities are the Financial Management Act 1994 (FMA), the Corporations Act 2001 and the Australian Accounting Standards. Details of the entities covered in this report are set out in Appendix C.
 John Doyle Auditor-General |
The Portfolio Departments and Associated Entities: Results of the 2013–14 Audits report presents the outcomes and observations from the 2013–14 financial audits of the nine portfolio departments and 201 associated entities.
Ordered to be published
VICTORIAN GOVERNMENT PRINTER February 2015
PP No 6, Session 2014–15
In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to all agencies and departments—see Appendix A for the list.
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.
Responses were received as follows:
As this audit was undertaken prior to machinery of government changes on 1 January 2015, departments are referred to by their 2014 titles.
Audits include: