Portfolio departments and associated entities: results of the 2011–12 audits

This report presents the outcomes and observations from the external financial audit of 11 portfolio departments and 193 associated entities in Victoria. Additionally, it comments on the quality of financial reporting, the financial sustainability of self-funded state entities and the effectiveness of internal controls over the appropriation framework, trust funds and risk management. Financial reporting by the portfolio departments and associate entities is reliable. However, shortcomings were observed in the control frameworks governing appropriations and trust funds, and of disclosure of post-employment remuneration and ex gratia payments