|
This report covers the results of the
annual audit of 106 entities from the tertiary education,
sustainability and environment, health, planning and community
development and local government sectors, with a financial year end
other than 30 June 2011. It focuses principally on 98 tertiary
education sector entities, comprising the eight public universities
and their 57 controlled entities, 14 technical and further
education (TAFE) institutes and their 11 controlled entities, seven
training entities and the one controlled entity.
The report informs Parliament about
significant issues arising from the audits of financial and
performance reports and augments the assurance provided through
audit opinions included in the respective entities’ annual
reports.
The report comments on the effectiveness
of internal controls, and for the tertiary education sector,
controls over information technology (IT) security and capital
project management. It also comments on the financial
sustainability of universities, TAFE institutes and alpine resort
management boards, and their financial management and reporting
activities.
Parliament can have confidence in 100 of
103 financial reports and all performance reports that received
clear audit opinions.
The internal control structures over financial reporting within
audited entities were adequate, that is they enabled production of
accurate, complete and reliable information for reporting. However,
improved information security policies and oversight of IT systems
security, including having a dedicated governance committee
would improve IT security. The review of capital project
management revealed that a third of tertiary education entities are
not performing post-project evaluations, and 25 per cent are
experiencing budget variances or delays in completion.
|