Ordered to be published

VICTORIAN GOVERNMENT PRINTER FEBRUARY 2015

PP No 4, Session 2014–15

Introduction

In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or relevant extracts from the report, was provided to the Department of Education and Early Childhood Development, the Department of Treasury and Finance and each of the 14 technical and further education institutes with a request for submissions or comments.

Accountability

Responsibility on 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.

Indicators of financial sustainability

Figure D1

Financial sustainability indicators

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.

Internal control framework

Figure C2 identifies the main components of an effective internal control framework.

TAFEs and associated entities

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