Appendix F: Abbreviations, acronyms and glossary
Download a PDF copy of Appendix F: Abbreviations, acronyms and glossary.
Appendix E: Mandatory TAFE key performance indicators
Download a PDF copy of Appendix E: Mandatory TAFE key performance indicators.
Appendix D: Financial and non-financial indicators
Download a PDF copy of Appendix D: Financial and non-financial indicators.
Appendix C: Audit opinions
Download a PDF copy of Appendix C: Audit opinions.
Appendix B: Audit context
Download a PDF copy of Appendix B: Audit context.
Appendix A: Submissions and comments
Download a PDF copy of Appendix A: Submissions and comments.
4. Internal controls and financial reporting issues
Snapshot
TAFEs and universities internal controls for preparing reliable financial reports and performance statements are adequate. But there is scope to improve them, particularly controls relating to IT systems, which are critical to the effective operation of modern organisations.
3. The Victorian public university sector
Snapshot
Conclusion
All 8 Victorian public universities received clear audit opinions for their 2025 financial reports. The reports were submitted to audit on time and were of good quality, with only one material error identified and corrected.
1. Why we do this report and what we look at
This report presents the results of our financial audits of TAFEs and Victoria's public universities for the year ended 31 December 2025. Our audits provide Parliament and the community with confidence that financial reports and performance statements are reliable for informed decision-making.
This report also shares our independent insights on the sectors' financial outcomes and highlights common internal control and financial reporting issues, where we make recommendations for improvement.