Introduction

In accordance with section 16(3) of the Audit Act 1994, relevant extracts from the report were provided to all universities, the Department of Treasury and Finance and the Department of Education and Early Childhood Development with a request for submissions or comments.

The submission and comments provided are not subject to audit nor the evidentiary standards required to reach an audit conclusion. Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.

Accountability

Responsibility of public sector entities to achieve their objectives, with regard to reliability of financial reporting, effectiveness and efficiency of operations, compliance with applicable laws, and reporting to interested parties.

Amortisation

The systematic allocation of the depreciable amount of an intangible asset over its expected useful life.

Asset

A resource controlled by an entity as a result of past events, and from which future economic benefits are expected to flow to the entity.

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.

Universities and associated entities

Figure A1
VAGO reports on the results of the 2012–13 financial audits