Metropolitan Hospitals 2016–17 Dashboard
Our Data Dashboards are interactive visualisation tools summarising the financial statement data for all Victorian public hospitals. They have been grouped into the following cohorts:
Small Rural Hospitals 2016–17 Dashboard
Our Data Dashboards are interactive visualisation tools summarising the financial statement data for all Victorian public hospitals. They have been grouped into the following cohorts:
Regional Hospitals 2016–17 Dashboard
Our Data Dashboards are interactive visualisation tools summarising the financial statement data for all Victorian public hospitals. They have been grouped into the following cohorts:
Appendix E. Glossary
Activity-based funding
Method of allocating funding based on unit prices for each activity undertaken and the volume of that activity an entity is to perform.
Asset
An item or resource controlled by an entity that will be used to generate future economic benefits.
Asset valuation
The fair value of a non-current asset on a specified date.
Appendix D. Financial sustainability results
Figure D1 shows the indicators used in assessing the financial sustainability risks of public hospitals. These indicators should be considered collectively and are more useful when assessed over time as part of a trend analysis.
Figure D1
Financial sustainability risk indicators
|
Indicator |
Formula |
Description |
|---|---|---|
|
Net result (percentage) |
Appendix C. Control issues risk ratings
Figure C1 shows the risk ratings applied to issues raised in management letters. It also details what they represent and the expected time line for the issue to be resolved.
Figure C1
Risk definitions applied to issues reported in audit management letters
|
Rating |
Definition |
Management action required |
|---|
Appendix B. Audit opinions
Figures B1 to B4 list the entities included in this report. They detail the date we issued an audit opinion to each entity for its 2016–17 financial reports and the nature of the opinion.
Figure B1
Audit opinions issued for metropolitan hospitals and controlled entities
|
Entity |
Clear audit opinion issued |
Auditor-General's report signed date |
|---|
Appendix A. Audit Act 1994 section 16—submissions and comments
We have consulted with DHHS, HPV and the public hospitals named in this report, and we considered their views when reaching our audit conclusions. As required by section 16(3) of the Audit Act 1994, we gave a draft copy of this report, or relevant extracts, to those agencies and asked for their submissions and comments. We also provided a copy of the report to the Department of Premier and Cabinet.
Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
Responses were received as follows:
4 Financial sustainability
A financially sustainable entity is one that can maintain operations over the long-term using existing revenue and expenditure policies. The entity should be able to absorb short-term fluctuations in income and expenditure due to reasonably foreseeable internal and external factors. We can assess an entity's financial sustainability by examining past and projected trends in financial data and key indicators.
3 Internal controls
Effective internal controls help entities to reliably and cost-effectively meet their objectives. Strong internal controls are a prerequisite for delivering sound, accurate and timely external financial reports.
In our annual financial audits, we consider the internal controls relevant to financial reporting and assess whether entities have managed the risk that their financial reports will not be complete and accurate. Poor internal controls make it more difficult for entity management to comply with relevant legislation and increase the risk of fraud and error.