Tertiary Education and Other Entities: Results of the 2012 AuditsVAGO Publication large

Tabled: 29 May 2013

This report presents the results of our financial audits of 106 entities mainly with a 31 December financial year end. It focuses on technical and further education (TAFE) institutes, universities and alpine resort management boards (ARMBs) and provides detailed analysis of their financial reporting, performance reporting, financial results, financial sustainability and internal controls. It informs Parliament about significant issues arising from the audits and complements the assurance provided through individual audit opinions included in the entities' annual reports.

Clear audit opinions were issued on the financial reports of all but three entities. The three qualified opinions related to the financial reports of The University of Melbourne, Deakin University and the Anti-Cancer Council of Victoria.

Clear opinions were issued on all 20 performance statement audits.

Overall, internal controls in TAFEs and universities were adequate for producing reliable, accurate and timely financial reports. Internal audit functions were well developed, although four universities and five TAFEs did not have arrangements for internal auditors to report their conflicts of interests. Improvements could be made in relation to internal audit coverage, with a number of key business areas not subject to recent internal audit scrutiny.

Controls over credit card purchasing were generally sound, however improvements can be made in relation to risk identification. Sample-based testing produced positive results, with identified internal controls operating in a majority of instances.

Ten of the 22 tertiary education entities (three universities and seven TAFEs) had not assessed themselves as being compliant with the requirements of the Payment Card Industry-Data Security Standard. This shows a lack of understanding of the importance of this high-risk activity, and potentially exposes students to risks of identity theft or fraud if their credit card information is accessed by unauthorised persons.

 

 

 

 

 

 

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Last updated on 9/10/2015