In accordance with section 16(3) of the Audit Act 1994, a copy of this report was provided to the Department of Treasury & Finance, the Department of Economic Development, Jobs, Transport & Resources, the Department of Health & Human Services, Public Transport Victoria, VicRoads, Monash Health, the Royal Victorian Eye and Ear Hospital and the Royal Children's Hospital Melbourne. We also provided a copy of the report to the Department of Premier & Cabinet.
In this Part we examine the Department of Treasury & Finance's (DTF) role during the delivery stage of the 'high value high risk project assurance and budget process' (the HVHR process). We assessed DTF's approach to monitoring and overseeing project risks, focusing on five HVHR projects that were in the delivery stage during the audit.
This is our third audit report focusing on the effectiveness of the government's 'high value high risk project assurance framework and budget process' (the HVHR process).
This Part examines whether recommendations from our 2014 and 2015 HVHR audits have been effectively addressed by Department of Treasury & Finance (DTF) and Department of Economic Development, Jobs, Transport & Resources (DEDJTR).
This is our third audit focusing on the effectiveness of the government's 'high value high risk project assurance framework and budget process' (the HVHR process). The goal of the HVHR process is to achieve more certainty about the deliverability of infrastructure projects, including their intended benefits and ability to meet planned costs and time lines.
Victoria’s total estimated investment in new and existing capital projects in the 2016–17 Budget Papers is $57.7 billion. In June 2016 the total estimated investment (TEI) of high value high risk (HVHR) projects was around $40 billion.
A project is classified as HVHR if:
Ordered to be published
VICTORIAN GOVERNMENT PRINTER October 2016
PP No 216, Session 2014–16
Dear Presiding Officers
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 Economic Development, Jobs, Transport & Resources, the Department of Education & Training, the Department of Environment, Land, Water & Planning, the Department of Health & Human Services, the Department of Justice & Regulation, the Department of Premier & Cabinet, the Department of Treasury & Finance and Victoria Police.
Figure A1
Key 2003 and 2016 Standing Directions requirements for audit committees
Category |
2003 Standing Directions |
2016 Standing Directions |
|---|---|---|
Role |