Victorian Auditor-General's Office

5 Alpine resorts

At a glance

Background

This Part analyses the financial reporting of the five Victorian alpine resorts for the year ended 31 October 2014. It also discusses the oversight and internal control issues observed during the 31 October 2014 financial audits.

4 Financial sustainability risks

At a glance

Background

This Part comments on the financial sustainability risks of self-funded entities. These entities generate the majority of their revenue from their own operations, rather than from government funding.

Self-funded entities should aim to generate sufficient revenue from their operations to meet their financial obligations and to fund asset replacement.

3 Financial reporting and control at the Department of Education & Training

At a glance

Background

In 2014–15 the Department of Education & Training (DET) failed to adequately address a number of previously identified deficiencies in relation to records supporting property, plant and equipment, and school-based transactions and balances. As a result, we issued a disclaimer of audit opinion on DET's 2014–15 financial report.

1 Context

1.1 Introduction

This report covers the outcomes of the 2014–15 financial audits of the seven current portfolio departments, the two former portfolio departments and 221 associated entities that are not included in our other Audit Snapshot reports. Included in these associated entities are the five alpine resort management boards (alpine resorts) which have a financial year ending on 31 October.

Auditor-General's comments

This report presents the outcomes and observations from the 2014–15 financial audits of the seven portfolio departments, two former portfolio departments and 221 associated entities.

With the exception of the financial reports for the Department of Treasury & Finance (DTF) and the Department of Education & Training (DET), Parliament and the Victorian community can have confidence in the 204 finalised 2014–15 financial reports of the portfolio departments and associated entities.

Portfolio Departments and Associated Entities: 2014–15 Audit Snapshot

Body
The 2014–15 financial reports prepared by the seven portfolio departments, two former portfolio departments and their associated entities, are generally accurate but were not always prepared in a timely manner. The exceptions are the Department of Education & Training and the Department of Treasury & Finance. We also found some significant oversight, Financial services and insurance and control issues at some of the state's alpine resorts.

Appendix C. Audit Act 1994 section 16—submissions and comments

Introduction

In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to the Department of Premier & Cabinet, the Department of Treasury & Finance, the Department of Economic Development, Jobs, Transport & Resources, the Department of Environment, Land, Water & Planning, the Department of Justice & Regulation, the Victorian Government Solicitor's Office, Linking Melbourne Authority, VicRoads, Environment Protection Authority, Planning Panels Victoria and the Treasury Corporation of Victoria

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