Annual Plan 2020–21

Tabled: 24 June 2020

Financial audit work program

Our financial audit program delivers a range of assurance services for public sector agencies. 

We conduct financial audits in accordance with the Australian Auditing Standards and relevant professional and legislative requirements. Additional information about the delivery of our financial audits is in Appendix B. 

The following section sets out our financial audit work program for 2020–21, which targets matters that provide the greatest value to Parliament and the Victorian community.

Financial audit program scope

Financial audits 

Reports to Parliament

The COVID-19 pandemic has affected our delivery of reports to Parliament on the results of our financial audits. This year we plan to prepare two reports on state entities, which add to our usual reports on local government and the education sector:

  • a summary report to Parliament on the outcome and findings of our audit of the Annual Financial Report of the State of Victoria to meet our legislative responsibilities
  • an omnibus report providing more detail on the outcome of findings of our audits of the Victorian public sector in early 2021.
Auditor-General’s report on the Annual Financial Report of the State of Victoria 2019–20

As required under section 57 of the Audit Act 1994, the Auditor-General reports to Parliament each year on the outcome of our audit of the Annual Financial Report of the State of Victoria.

This report analyses and provides commentary on key aspects of the financial performance and position of the state. In line with the Act, and where appropriate, it will provide information and recommendations for more effective and efficient management of public resources. This is the only report on our financial audits that is required to be produced each year under the Audit Act 1994

Results of 2019–20 audits report

Our results of audits reports provide information to Parliament on the outcome of our financial audits of the following sectors:

  • state entities
  • local government 
  • technical and further education institutes
  • universities. 

Each report will provide an analysis of the financial sustainability, performance and position of each sector. Additionally, it will inform Parliament about the strengths and weaknesses in the control environments at entities within the relevant sector and make recommendations to improve these as appropriate. 

The timing of tabling these reports will depend on any consequential impacts to financial reporting requirements and time lines for the local government and education sector as a result of the COVID-19 pandemic.

Attestation of agency reports and statements

We must:

  • undertake annual audits of the financial reports of all state and local government agencies and express an audit opinion thereon
  • audit and express an opinion on performance statements prepared by agencies
  • review the Estimated Financial Statements for the General Government Sector. 

We may also be required to provide an audit opinion on a grant acquittal by an agency to the grant funding body.

During the 2020–21 financial year we expect to issue the following:

Attest reports

2020–21

Audit opinions

 

Opinions on the financial reports of agencies

580+

Opinions on the performance statements of agencies

110

Opinion on the Annual Financial Report of the State of Victoria

1

Review opinions

 

Review of Estimated Financial Statements for the General Government Sector

2

Grant acquittal certifications

 

Certifications of grant acquittals

80+

The number of audit opinions on the financial reports of agencies has grown since our 2019–20 Annual Plan.

Changes to the Audit Act 1994, effective 1 July 2019, mean that 29 registered community health centres and four registered aged-care providers that provide services under the Health Services Act 1988 now fall within the Auditor General’s mandate. Given the timing of the legislation passing, the Auditor-General could not conduct these audits for the 2018–19 financial year. Under section 10(2) of the Audit Act 1994, he exercised the authority to dispense with these audits.

With the delay in the state budget as a result of the COVID-19 pandemic, we will review both the 2020–21 and 2021–22 estimated statements during 2020–21.
 

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