Results of 2022 Audits: Technical and Further Education Institutes
Body
In this report we summarise the outcomes of our audits of the TAFE sector’s financial reports and performance statements for the year ended 31 December 2022.
Appendix G: Financial and non-financial sustainability indicators
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Appendix F: Control issue risk ratings
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Appendix E: Audit opinions
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Appendix D: Abbreviations, acronyms and glossary
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Appendix C: Our audit approach
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Appendix B: Sector context
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Appendix A: Submissions and comments
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3. Internal controls
Universities' internal controls are adequate for them to prepare reliable financial reports. But they have not resolved some key information technology (IT) issues. These issues could prevent universities from preparing reliable financial reports or protecting their sensitive data.
2. Financial analysis
The sector’s financial performance declined in 2022. International student numbers continued to drop and, for the first time since 2019, domestic student numbers followed. On-campus operations opened post pandemic, driving expenditure up.
Student course fees and charges stay well below pre-pandemic levels and expenditure above. Declining investment values also significantly affected financial performance.
Despite these negative trends, universities focused on growing commercial and partnership activity, leading to higher own-sourced revenue.