Universities: Results of the 2013 Audits
Body
This report covers the results of the 2013 financial audits of 64 entities, comprising eight universities and the 56 entities they control.
Appendix F. 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 relevant extracts from the report, was provided to the Department of Environment and Primary Industries, the Department of Treasury and Finance, the Treasury Corporation of Victoria, the Essential Services Commission and the 20 entities with a request for submissions or comments.
Appendix E. Acronyms and glossary
Acronyms
DEPI Department of Environment and Primary Industries
DTF Department of Treasury and Finance
ESC Essential Services Commission
FMA Financial Management Act 1994
Glossary
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.
Appendix D. Entity level financial sustainability
Indicators of financial sustainability
This Appendix sets out the financial indicators used in this report. The indicators should be considered collectively, and are more useful when assessed over time as part of a trend analysis. The indicators have been applied to the published financial information of the 19 water entities for the five-year period 2008–09 to 2012–13.
Appendix C. Audit status
Financial audits
Audit types |
Financial statements |
Timeliness of audited financial statement completion | ||||||
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Appendix B. Frameworks
Internal control framework
Figure B1 identifies the main components of an effective internal control framework.
Figure B1
Components of an internal control framework
Source: Victorian Auditor-General’s Office.
In the diagram:
Appendix A. VAGO Reports on the results of the 2012–13 financial audits
This report is part of a suite of reports presented to Parliament covering the results of our audits of public sector financial reports. The reports are outlined in Figure A1.
Figure A1
VAGO reports on the results of the 2012–13 financial audits
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Report |
Description |
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8 Treasury management
At a glance
Background
An effective treasury function should monitor and manage cash flows to minimise borrowing costs while providing sufficient cash to meet obligations when they fall due. In this Part we comment on treasury management at the 19 water entities.
7 Procurement
At a glance
Background
The water industry spent around $2.7 billion on goods, services and capital items in 2012–13. In this Part we comment on the controls over procurement at the 19 water entities.
Conclusion
Procurement frameworks were observed to be generally adequate. However, the high incidence of noncompliance with procurement policies, procedures and control activities identified by internal audits indicates there are opportunities for the governing bodies and management to improve practices.
6 Information technology
At a glance
Background
This Part presents the results of our assessment of controls over the general information technology (IT) controls related to preparing financial reports, including the controls over IT security and change management.