Appendix B: About this report, the AFR and our financial audits
Download a PDF copy of Appendix B: About this report, the AFR and our financial audits.
Appendix A: Submissions and comments
Download a PDF copy of Appendix A: Submissions and comments.
4. COVID-19 business grant support programs
Conclusion
In 2020 the former Department of Jobs, Precincts and Regions (the department) had to respond rapidly to implement a large scale grants program to support businesses during the COVID 19 pandemic. This grants program was unprecedented in its experience.
3. Accounts and records
Conclusion
DTF implemented effective internal controls to support the preparation of a complete and accurate AFR.
VicTrack has made significant progress in improving its internal control framework that relates to asset accounting.
The internal control frameworks of the other material entities were adequate to support preparation of complete and accurate financial reports. However, some entities need to strengthen some internal controls to ensure their financial reports remain reliable.
2. Financial outcomes for the GGS
Conclusion
The operating cash result turned around this year, with a surplus of $4.3 billion ($8.9 billion deficit in 2021–22). However, this includes the $7.9 billion proceeds from the VicRoads modernisation joint-venture arrangement. The GGS would have reported an operating cash deficit of $3.6 billion without this inflow. It also loses some of the future cash inflows from the registration and licensing activities that it controlled before the joint-venture arrangement.
1. Audit outcomes
Conclusion
Our clear opinion provides reasonable assurance that the financial performance and position of the State of Victoria, and within that the general government sector, as reported in the 2022–23 Annual Financial Report of the State of Victoria (AFR), is reliable.
Our recommendations
We consulted with the audited agencies and considered their views when reaching our conclusions. The agencies’ full responses are in Appendix A.
Auditor-General’s Report on the Annual Financial Report of the State of Victoria: 2022–23
Body
The 2022–23 Annual Financial Report of the State of Victoria (AFR) is free from material errors and we issued an unmodified (clear) audit opinion on it.
Audit outcomes
We issued clear opinions on 28 of the 29 material entities’ financial reports.
We continue to modify our audit opinion on the financial report of Victorian Rail Track, because of how it accounts for assets it leases to the Department of Transport and Planning.
Responses to Performance Engagement Recommendations: Annual Status Update 2023
This dashboard provides transparency to the Victorian public and parliamentarians on agencies’ responses to our performance engagement recommendations.
Our performance engagements assess whether government agencies are effectively and efficiently meeting their objectives, using resources economically and complying with legislation. They often identify opportunities for improvement, which are reflected in our recommendations.
Appendix G: Agency responses to assurance review
Download a PDF copy of Appendix G: Agency responses to assurance review.