Tertiary Education and Other Entities: Results of the 2011 Audits

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Tabled: 23 May 2012

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.

 

 

 

 

 

 

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