Audit overview
Information and communications technology (ICT) systems are critical for the operations of government agencies. Agencies depend on them to:
Acronyms
| AMAF | Asset Management Accountability Framework |
| ANAO | Australian National Audit Office |
| BIA | Business impact analysis |
| DEDJTR | Department of Economic Development, Jobs, Transport and Resources |
| DELWP | Department of Environment, Land, Water and Planning |
| DHHS | Department of Health and Human Services |
| DJR | Department of Justice and Reg |
Transmittal letter
Ordered to be published
VICTORIAN GOVERNMENT PRINTER November 2017
PP No 262, Session 2014–17
The Hon. Bruce Atkinson MLC
President
Legislative Council
Parliament House
Melbourne
President
Legislative Council
Parliament House
Melbourne
The Hon Colin Brooks MP
Speaker
Legislative Assembly
Parliament House
Melbourne
Speaker
Legislative Assembly
Parliament House
Melbourne
Dear Presiding Officers
Appendix E. Glossary
Accountability
Responsibility of public entities to achieve their objectives in the reliability of financial reporting, the effectiveness and efficiency of operations, compliance with applicable laws, and reporting to interested parties.
Adverse opinion
An audit opinion expressed if the auditor has sufficient appropriate audit evidence and concludes that misstatements, individually and in aggregate, are both material and pervasive in the financial report.
Appendix D. Management letter risk ratings
Figure D1
Risk definitions applied to issues reported in audit management letters
|
Rating |
Definition |
Management action required |
|---|---|---|
|
Extreme |
The issue represents: |
Appendix B. Audit opinions
Figures B1 to B17 provide information on the audit opinions issued for the 276 entities consolidated into the AFR.
Entities are listed in the following order:
Appendix A. Audit Act 1994 section 16—submissions and comments
As required by section 16A of the Audit Act 1994, we gave a draft copy of this report to the Treasurer of Victoria and asked for his submissions or comments. As required by section 16(3) of the Audit Act 1994, we gave relevant extracts of this report to named agencies and asked for their submissions or comments. We have considered their views when reaching our audit conclusions. We also provided a copy of the report to the Department of Premier and Cabinet.
4 Financial sustainability
The AFR shows the financial performance and position of the State and the GGS.
Separately reporting on the GGS allows the government to demonstrate its results against its published budget. The 2016–17 State Budget sets out the government's sustainability objectives for the GGS, which are supported by three key financial measures.
In this part, we review the State against these three key financial measures and other relevant ones. We also discuss key transactions during the year that influenced the results, and review the GGS against the 2016–17 State Budget.
3 Internal controls
Effective internal controls help entities reliably and cost-effectively meet their objectives. They are also a prerequisite for delivering sound, accurate and timely external financial reports.
In our annual financial audits, we consider the internal controls relevant to financial reporting and assess whether entities have managed the risk that their financial reports will not be complete and accurate. Poor internal controls make it more difficult for the management of entities to comply with relevant legislation, and increase the risk of fraud and error.