Appendix B. About this report, the AFR and our financial audits
Click the link below to download a PDF copy of Appendix B. About this report, the AFR and our financial audits.
Appendix A. Submissions and comments
Click the link below to download a PDF copy of Appendix A. Submissions and comments.
2. Financial outcomes for the GGS
Conclusion
In 2021–22 the state made an operating loss from transactions of $15.3 billion (compared to $18.3 billion in 2020–21) and had an operating cash deficit of $4.8 billion (compared to $9.3 billion in 2020–21).
The GGS made an operating loss from transactions of $13.8 billion (compared to $14.6 billion in 2020–21) and had an operating cash deficit of $8.9 billion (compared to $13.0 billion in 2020–21).
1. Audit outcomes
Conclusion
Our unmodified opinion provides reasonable assurance that the financial performance and position of the State of Victoria, and within that the general government sector (GGS), as reported in the 2021–22 Annual Financial Report of the State of Victoria (AFR), are reliable.
Auditor-General's Report on the Annual Financial Report of the State of Victoria: 2021–22
Body
The 2021–22 Annual Financial Report of the State of Victoria (AFR) is free from material error and we issued an unmodified audit opinion on it.
Key audit matters
We issued clear opinions on 25 of the 28 material entities’ financial reports.
Appendix C. Scope of this audit
Click the link below to download a PDF copy of Appendix C. Scope of this audit.
Appendix B. Acronyms, abbreviations and glossary
Click the link below to download a PDF copy of Appendix B. Acronyms, abbreviations and glossary.
Appendix A. Submissions and comments
Click the link below to download a PDF copy of Appendix A. Submissions and comments.
4. Monitoring performance
Conclusion
OCR does not comprehensively report on its performance and evaluate the effectiveness of its monitoring activities to drive continuous improvement.
OCR is yet to finalise its MER framework. This exposes OCR to both potential underperformance and a lack of appropriate information to support planning.
3. Taking a risk-based approach
Conclusion
OCR aims to use a risk-based framework to conduct its complaint assessments and investigations into timber harvesting operations. However, there are operational and process gaps and limitations that impede OCR’s ability to fully implement and achieve this approach.
OCR’s use of enforcement powers is not graduated or proportionate. This is partly because OCR has not explored all options available to it and partly due to the lack of enforcement powers available to it in relation to timber harvesting.