Appendix C: Our audit approach
Download a PDF copy of Appendix C: Our audit approach.
Appendix B: Sector context
Download a PDF copy of Appendix B: Sector context.
Appendix A: Submissions and comments
Download a PDF copy of Appendix A: Submissions and comments.
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.
1. Audit outcomes
We gave clear audit opinions for financial reports across the Victorian university sector. Parliament and the community can confidently use these reports.
Financial reports are reliable
The university sector
There are 8 universities and 44 controlled entities* in the Victorian university sector (as at 31 December 2022).
Results of 2022 Audits: Universities
Body
In this report we summarise the outcomes of our audits of the university sector’s financial reports for the year ended 31 December 2022.
Appendix A: Abbreviations, acronyms and glossary
Download a PDF copy of Appendix: Abbreviations, acronyms and glossary.
3. Financial audit work program
We deliver a range of attest services to public sector agencies. We conduct financial audits in line with the Australian Auditing Standards and other relevant professional and legislative requirements.
Our financial audit scope
Sectors we audit
Our financial audit program covers entities across a range of sectors.
2. Performance audit work program
We plan to deliver 22 performance engagements in 2023–24 across our 7 performance audit sectors.