Download a PDF copy of Appendix B: Audit context.

Download a PDF copy of Appendix A: Submissions and comments.

Snapshot

TAFEs and universities internal controls for preparing reliable financial reports and performance statements are adequate. But there is scope to improve them, particularly controls relating to IT systems, which are critical to the effective operation of modern organisations.

Snapshot

Conclusion

All 8 Victorian public universities received clear audit opinions for their 2025 financial reports. The reports were submitted to audit on time and were of good quality, with only one material error identified and corrected.

Snapshot

This report presents the results of our financial audits of TAFEs and Victoria's public universities for the year ended 31 December 2025. Our audits provide Parliament and the community with confidence that financial reports and performance statements are reliable for informed decision-making.

This report also shares our independent insights on the sectors' financial outcomes and highlights common internal control and financial reporting issues, where we make recommendations for improvement.

We consulted with the audited agencies and considered their views when reaching our conclusions. We made 2 recommendations to address our findings, noting several recommendations from prior reports remain relevant and unresolved.

The agencies' full responses are in Appendix A.

Data dashboard

Download a PDF copy of Appendix D: Data analysis approach and limitations.