Appendix D: Our audit approach
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Appendix C: Audit opinions
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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 have adequate internal controls to support reliable financial reporting. Improvement to some key information technology (IT) controls is still an ongoing effort.
2. Financial analysis
The sector as a whole broke even for 2023, but this was only because of fair value gains on investments recorded as income. The sector otherwise would have recorded an overall net deficit for the year, a continued declining trend from 2022.
Revenue from international students grew, while domestic student revenue growth remained flat when compared to 2022. Overall, revenue earned from teaching students has not fully recovered to pre-pandemic levels, however moved positively since 2022.
1. Audit outcomes
We gave clear audit opinions for financial reports across the Victorian public university sector. Parliament and the community can confidently use these reports.
Results of 2023 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 2023.
Appendix D: Victoria's 2023 list of SSRs
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Appendix C: Audit scope and method
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