Results of 2024 Audits: TAFEs and Universities

Why this is important

Victoria’s public university sector is made up of 8 universities and the 44 entities they control (as at 31 December 2022).

In Victoria, public universities are established by their own legislation. The Financial Management Act 1994 defines them as public bodies, and they must follow its requirements for preparing financial reports. We audit their financial reports. 

There are 12 TAFEs and 14 controlled entities (an entity that another party has the power to govern and make financial and operating decisions about) in the Victorian TAFE sector.

As public bodies, TAFEs must follow the Financial Management Act 1994, which includes preparing a financial report. TAFEs are also required to report mandatory performance indicators in line with the reporting requirements outlined by the Minister for Training and Skills in the statement of priorities. We audit their financial reports and performance statements. 

As part of this audit we analyse the sector's financial outcomes and risks to financial sustainability. We also assess if universities' and TAFEs' internal controls (people, systems and processes) allow them to prepare reliable financial reports.

Our results of audits report informs Parliament on the outcome of our financial audits of TAFEs and universities.

Our report also informs Parliament about common control and financial reporting weaknesses in the sector and makes recommendations for improvement.

What we plan to examine

We aim to table this report within 5 months of the sector's financial year end.

Further information

The Results of 2022 Audits: Universities financial audits report was tabled on 30 June 2023. We provided clear audit opinions on financial reports and performance statements across the Victorian university sector. Parliament and the community can confidently use these reports.

The Results of 2022 Audits: Technical and Further Education Institutes financial audits report was tabled on 30 June 2023. We provided clear audit opinions on financial reports and performance statements across the TAFE sector. Parliament and the community can confidently use these reports.