Conclusion

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.

Conclusion

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.

Conclusion

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.

Download a PDF copy of Appendix F: Progress against Better Regulation Victoria's VBA health check recommendations.

Download a PDF copy of Appendix E: Progress against selected Stage One Report recommendations.

Download a PDF copy of Appendix D: Progress against 2021–23 SOE targets.

Download a PDF copy of Appendix C: About this limited assurance review.

Download a PDF copy of Appendix B: Abbreviations, acronyms and glossary.