Our clear opinion provides reasonable assurance that the financial performance and position of the State of Victoria, and within that the general government sector, as reported in the 2022–23 Annual Financial Report of the State of Victoria (AFR), is reliable.
We consulted with the audited agencies and considered their views when reaching our conclusions. The agencies’ full responses are in Appendix A.
We issued clear opinions on 28 of the 29 material entities’ financial reports.
We continue to modify our audit opinion on the financial report of Victorian Rail Track, because of how it accounts for assets it leases to the Department of Transport and Planning.
Download a PDF copy of Appendix F: Progress against Better Regulation Victoria's VBA health check recommendations.
Download a PDF copy of Appendix E: Progress against selected Stage One Report recommendations.
Download a PDF copy of Appendix D: Progress against 2021–23 SOE targets.
Download a PDF copy of Appendix C: About this limited assurance review.
Download a PDF copy of Appendix B: Abbreviations, acronyms and glossary.
Download a PDF copy of Appendix A: Submissions and comments.
VBA does not consistently monitor its progress and risks for each target and recommendation. This means its board does not:
VBA recently developed a framework to track progress against its 2022–27 strategic plan, which includes some targets and recommendations. But it is not clear if or how VBA will use this framework to monitor and report on all of them.