The financial audit framework applied in the conduct of the 2013 audits covered by this report is set out in Figure C1.
Figure C1
Financial audit framework
Source: Victorian Auditor-General's Office.
Figure C2 identifies the main components of an effective internal control framework.
Figure C2 Components of an internal control framework
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Entity |
Audit type |
Financial statements | ||
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Figure A1
VAGO reports on the results of the 2012–13 financial audits
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Report |
Description |
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Auditor-General's Report on the Annual Financial Report of the State of Victoria, 2012–13 |
This Part presents the results of our reviews of the procurement practices and financial policies and delegations in the university sector.
This Part provides an insight into the financial sustainability of the eight universities based on an analysis of the trends in their key financial indicators over the past five years.
Buses are a significant form of public transport, providing cross-town transport, local services and links to the rail network. They are often the only readily accessible form of public transport available for people living in Melbourne's middle and outer suburbs.
Public Transport Victoria (PTV) oversees public transport operators. It is responsible for managing all bus service contracts, which currently cost the state around $1 billion per year.
In July 2005, the state entered into a contract to develop myki, a smartcard public transport ticketing system to replace the ageing Metcard system.
Just over half of myki's almost $1 billion initial budget—around $520 million—was for establishing the system by 2007 and operating it for 10 years. The remainder was for operating Metcard in parallel with myki during the transition, and to cover the former Transport Ticketing Authority's (TTA) related costs for managing Metcard and its replacement.
The scale, complexity and likely impacts of the demographic, health, security and climate challenges facing Victoria requires a mature, well-coordinated approach to public sector risk management.
Falling short of achieving this threatens the government's goals for growing the economy in a way that protects and enhances the environment while improving the quality of life of all Victorians. The Victorian Government Risk Management Framework (the Framework) recognises the importance of good risk management.
Public sector agencies engage external resources to advise them on how best to realise government policy and to help them implement these decisions. The Department of Treasury and Finance's (DTF) June 2013 definition of a consultancy is the provision of advice to facilitate decision-making, whereas a contractor helps implement decisions.
This audit examined how effectively selected government departments are managing advisory engagements that help them make decisions.
VAGO undertakes performance audits into the economy, efficiency and effectiveness of public sector agencies and their operations to provide assurance to Parliament and drive public sector improvement. We aim to achieve this by identifying issues and making recommendations to agencies about how to address them. However, our recommendations cannot result in improvements unless they are accepted and enacted by public sector agencies.