Appendix B: Sector context
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Appendix A: Submissions and comments
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3. Internal controls
TAFEs’ internal controls are adequate for them to prepare reliable financial reports and performance statements. But they need to improve their information technology (IT) controls. These issues could prevent TAFEs from preparing reliable financial reports or protecting their sensitive data.
2. Financial analysis
The sector’s financial performance improved in 2022 because of financial support received from government to TAFEs. This support helped pay employee costs and maintain assets. Four TAFEs also had loans forgiven by the Victorian Government. Financial performance would have declined without this financial assistance.
1. Audit outcomes
We provided clear audit opinions on financial reports and performance statements across the Technical and Further Education (TAFE) sector. Parliament and the community can confidently use these reports.
Financial reports and performance statements are reliable
The TAFE sector
There are 12 TAFEs and 14 controlled entities in the Victorian TAFE sector.
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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