report

Audit Results Report – Annual 2018 Financial Audits

Glossary

AG Act Auditor General Act 2006
Clear opinion
(or unqualified opinion)
Auditor General’s opinion expressed when an audit concludes that in all material respects the financial statements, controls and KPIs are presented fairly in accordance with the enabling legislation of the entity, Australian Accounting Standards (including Australian Accounting Interpretations) and the Treasurer’s Instructions.
DET Australian Government Department of Education and Training
DPA Delivery and Performance Agreements between each TAFE and the Department of Training and Workforce Development for training to be delivered
DTWD Western Australian Department of Training and Workforce Development
Entity Term used to describe clients audited by the Auditor General, including departments, statutory authorities, corporations, subsidiaries, cemetery boards and request audits.
EFTSL Equivalent Full Time Study Load – a measure of universities’ student enrolments.
Financial
audit
Work performed to enable an opinion to be expressed regarding a report about financial or performance matters prepared by the party who is accountable for the financial transactions or the performance summary.
FM Act Financial Management Act 2006
IS Information systems, primarily computerised systems.
KPI Key performance indicator – information about service performance or outcome achievement.
Management letter Letter to entity management that conveys significant audit findings and results of the audit. A copy is also sent to the responsible Minister.
Materiality Magnitude of an omission or misstatement of accounting or performance information that, in the light of context or circumstances, makes it probable that the judgement of a reasonable person relying on the information would have been changed or influenced.
NCVER National Centre for Vocational Education Research – conducts student outcomes surveys of VET students, including TAFE students.
QILT Quality Indicators for Learning and Teaching – reports universities’ survey results on behalf of the Australian Government Department of Education and Training.
Qualified opinion Auditor General’s opinion expressed when an audit identifies that the financial statements or KPIs are likely to be misleading to users, controls were inadequate, there was material conflict between applicable financial reporting frameworks, or an unavoidable limitation on audit work.
SCH Student Curriculum Hours – measure used by TAFEs for student training hours delivered.
Significance Relative importance in the circumstances, in relation to audit objectives, of an item, event or information, variation or problem the auditor identifies.
SMS Student Management System used by TAFEs.
STP State training providers, restructured as TAFEs in April 2016.
TAFEs TAFEs from April 2016, previously state training providers. An acronym for technical and further education but now used as name for colleges providing vocational education and training.
Treasurer’s Instructions Prescribed requirements at a minimum level with respect to financial administration that have the force of law and must be observed by public sector entities under the FM Act.

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