2 Results of audit

This year we provided clear audit opinions on the financial statements of the 47 significant state-controlled entities included in the AFR, and consequently on the AFR.

A clear audit opinion adds credibility to the financial statements by providing reasonable assurance that reported information is reliable, accurate and in keeping with the requirements of relevant accounting standards and applicable legislation.

1 Audit context

Each year, we audit the AFR. It measures the State's financial position at the end of the financial year, and how it performed during the year.

Section 16A of the Audit Act 1994 requires that we report to Parliament on our audit. This report satisfies our obligation.

1.1 Entities included in the AFR

The AFR combines the financial results of 276 state-controlled entities. These are classified into three types:

Overview

The Treasurer tabled the 2016–17 Annual Financial Report of the State of Victoria (AFR) in Parliament on 21 September 2017. The AFR includes the financial statements of the State of Victoria (the State) and the general government sector (GGS).

This report provides Parliament with information about matters arising from our financial audit of the 2016–17 AFR. It also provides our assessment of the financial sustainability of the State at 30 June 2017.

Conclusion

We issued a clear audit opinion on the AFR for the financial year ended 30 June 2017.

Acronyms

AFR Annual Financial Report of the State of Victoria
DEDJTR Department of Economic Development, Jobs, Transport and Resources
DELWP Department of Environment, Land, Water and Planning
DET Department of Education and Training
DHHS Department of Health and Human Services
DJR Department of Justice and Regulation
DPC Departme

Transmittal letter

Ordered to be published

VICTORIAN GOVERNMENT PRINTER November 2017

PP No 345, Session 2014–17

The Hon. Bruce Atkinson MLC
President
Legislative Council
Parliament House
Melbourne
 
The Hon Colin Brooks MP
Speaker
Legislative Assembly
Parliament House
Melbourne
 

Dear Presiding Officers

Appendix B Legislation, guidance and better practice

Appendix B Legislation, guidance and better practice

The figures in this appendix list the detailed legislation and guidance in the Victorian public sector, and in better practice guides, for managing internal audit, measuring performance and communicating insights. The section numbers in the figures are cross-references to sections of this report.

Figure B1
Figures in this appendix

Figure

Title

Figure B2