Victorian Auditor-General's Office

Appendix D. Glossary

Accountability

Responsibility of 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.

Acquisition

Establishing control of an asset, undertaking the risks, and receiving the rights to future benefits, as would be conferred with ownership, in exchange for the cost of acquisition.

Amending and restatement deed

Written agreement changing the terms and/or conditions of a contract.

5 Public private partnerships

At a glance

Background

This Part analyses and comments on two significant public private partnerships (PPP) under construction, and another in its operating phase. We summarise the total cost to the state for each of the three PPPs, drawing together contract payments as well as additional costs incurred directly by the state, to provide a level of transparency that is not available in general purpose financial statements.

3 The state's financial result

At a glance

Background

This Part analyses and comments on the state's financial position and performance for 2012–13 by interpreting the results reported to Parliament in the Annual Financial Report of the State of Victoria, 2012–13 (AFR).

Conclusion

This Part analyses and comments on the state's financial position and performance for 2012–13 by interpreting the results reported to Parliament in the Annual Financial Report of the State of Victoria, 2012–13 (AFR).

2 Annual Financial Report of the State of Victoria audit result

At a glance

Background

This Part reports on the results of the Annual Financial Report of the State of Victoria, 2012–13 (AFR) financial statement audit.

Conclusion

The Auditor-General issued a clear audit opinion on the AFR, providing reasonable assurance that the AFR was reliable, accurate, and prepared in accordance with the requirements of the Financial Management Act 1994 and Australian accounting standards and interpretations.

1 Background

1.1 Introduction

The Financial Management Act 1994 (FMA) governs the financial administration, accountability and reporting of the Victorian public sector. It requires the annual preparation of a consolidated financial report of the state, known as the Annual Financial Report of the State of Victoria (AFR).

Audit summary

At 30 June 2013 the State of Victoria controlled net assets of $123 632 million and during 2012–13 collected revenue of $54 203 million. Public accountability for the collection, spending and management of the state's resources is fundamental to good government. In Victoria the legislative framework requires the government to report on the state's finances, and the Auditor-General to audit that report.

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