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.
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.
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.
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.
We consulted with the audited agencies and considered their views when reaching our conclusions. The agencies’ full responses are in Appendix A.
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.
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.
Download a PDF copy of Appendix G: Agency responses to assurance review.
Download a PDF copy of Appendix F: The Committee of Sponsoring Organizations of the Treadway Commission’s Internal Control – Integrated Framework (COSO framework).
Click the link below to download a PDF copy of Appendix E. Between-year trends of departmental completion times.