Our recommendations
We consulted with the audited agencies and considered their views when reaching our conclusions. The agencies’ full responses are in Appendix A.
Auditor-General’s Report on the Annual Financial Report of the State of Victoria: 2022–23
Body
The 2022–23 Annual Financial Report of the State of Victoria (AFR) is free from material errors and we issued an unmodified (clear) audit opinion on it.
Audit outcomes
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.
Appendix F: Progress against Better Regulation Victoria's VBA health check recommendations
Download a PDF copy of Appendix F: Progress against Better Regulation Victoria's VBA health check recommendations.
Appendix E: Progress against selected Stage One Report recommendations
Download a PDF copy of Appendix E: Progress against selected Stage One Report recommendations.
Appendix D: Progress against 2021–23 SOE targets
Download a PDF copy of Appendix D: Progress against 2021–23 SOE targets.
Appendix C: About this limited assurance review
Download a PDF copy of Appendix C: About this limited assurance review.
Appendix B: Abbreviations, acronyms and glossary
Download a PDF copy of Appendix B: Abbreviations, acronyms and glossary.
Appendix A: Submissions and comments
Download a PDF copy of Appendix A: Submissions and comments.
3. Monitoring and reporting on progress
VBA does not consistently monitor its progress and risks for each target and recommendation. This means its board does not:
- have a full picture of all the changes VBA needs to make
- know if VBA is on track to make these changes.
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.
2. VBA's progress so far
VBA is committed to improving its performance. It has completed 5 recommendations from the 3 reviews and has started addressing 31. But the scale of improvements it still needs to make is significant.
VBA’s overall progress
VBA’s progress by theme
We grouped the 14 SOE targets and 48 recommendations into 5 themes.