In Victoria, there are eight public universities, which control a further 48 entities that we are required to audit. Each year, we conduct the financial audits of these 56 entities.
This report outlines the results of these financial audits and our observations for the year ended 31 December 2019.
We discuss significant audit issues faced by the sector including implementation of the new accounting standards, and the impacts of COVID-19.
We also comment on the financial performance and sustainability of the sector in the context of information obtained and observed during our audits.
We have developed a data dashboard that summarises the financial statement data for all Victorian universities.