At 30 June 2014 the State of Victoria controlled net assets of $131 093 million and during 2013–14 collected revenue of $60 346 million. Public accountability for the collection, spending and management of the state's resources is fundamental to good government. In Victoria the legislative framework requires the government to report on the state's finances, and the Auditor-General to audit that report.

Volunteering is critical to the delivery of community services throughout Victoria. When volunteers provide their time and resources, not only do they help to deliver services and contribute to the community, they enable these services to be delivered more cost effectively than if delivered by a paid workforce. The most recent Victorian Government estimate of the value of volunteering in Victoria was made in 2006 and placed the value at around $16.4 billion per year.

Introduction

In accordance with section 16A and 16(3) of the Audit Act 1994, a copy of this report, or relevant extracts from the report, was provided to the Treasurer and all relevant agencies with a request for submissions and comments.

The submissions 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.

Responses were received as follows:

Figure E1

Independent auditor's report

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.

Acquisition

Establishing control of an asset, undertaking the risks, and receiving the rights to future benefits, as would be conferred with ownership, in exchange for the cost of acquisition.

Figure C1

Material entity milestone dates

Figure B1

Material entities for 2013–14

Figure A1

VAGO reports on the results of the 2013–14 financial audits