| DET | Department of Education and Training |
| EBA | Enterprise Bargaining Agreement |
| FMA | Financial Management Act 1994 |
| KPI | key performance indicator |
| RTO | registered training organisation |
| TAFE | technical and further education |
| VAGO | Victorian Auditor-General's Office |
The TAFE sector in Victoria is made up of 12 technical institutes and 15 controlled entities.
This report outlines the results of, and observations arising from, our financial audits of the entities within the sector, and our observations, for the year ended 31 December 2018.
We also assess the sector’s financial performance during the 2018 reporting period and assess its sustainability as at 31 December 2018.
This report covers the results of the 2013 financial audits of 27 entities, comprising 14 technical and further education (TAFE) institutes and the 13 entities they control.
Historically, the results of audits of universities and TAFEs were found in one report. This year, however, for the first time the results are presented in separate reports—Technical and Further Education Institutes: Results of the 2013 Audits and Universities: Results of the 2013 Audits.
In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or relevant extracts from the report, was provided to the Department of Education and Early Childhood Development, the Department of Treasury and Finance and each of the 14 technical and further education institutes with a request for submissions or comments.
Responsibility on public sector 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.
The systematic allocation of the depreciable amount of an intangible asset over its expected useful life.
A resource controlled by an entity as a result of past events, and from which future economic benefits are expected to flow to the entity.
Figure D1
Financial sustainability indicators
|
Indicator |
Formula |
Description |
|---|---|---|
|
Underlying result (%) |
Adjusted net surplus / Total underlying revenue |
The financial audit framework applied in the conduct of the 2013 audits covered by this report is set out in Figure C1.
Figure C1
Financial audit framework
Source: Victorian Auditor-General's Office.
Figure C2 identifies the main components of an effective internal control framework.
Entity |
Audit type |
Financial statements | ||
|---|---|---|---|---|
Figure A1
VAGO reports on the results of the 2012–13 financial audits
|
Report |
Description |
|---|---|
|
Auditor-General's Report on the Annual Financial Report of the State of Victoria, 2012–13 |
This Part presents the results of our review of the procurement practices and financial policies and delegations in the technical and further education (TAFE) sector.
Overall we found that documented policies and clear financial delegations had been established across the TAFE sector. Controls over procurement were generally adequate, but improvements could still be made in documenting the key integrity activities that underpin a tender process.