Media release: Education 2022
What the report is about
Result of the Education cluster financial statement audits for the year ended 30 June 2022.
What we found
Unmodified audit opinions were issued for Education cluster agencies.
An 'other matter' paragraph was included in the TAFE Commission's independent auditor's report as it did not have a delegation or sub-delegation from the Minister for Education and Early Learning to incur expenditure from cluster grants.
What the key issues were
Annual fair value assessments of land and buildings showed material differences in their carrying values. As a result, the Department of Education and the TAFE Commission completed desktop revaluations of land and buildings, collectively increasing the value of these assets by $1.2 billion and $4.7 billion respectively.
The Department of Education and the NSW Education Standards Authority accepted changes to their office leasing arrangements managed by Property NSW. These changes resulted in the collective derecognition of $270.6 million of right-of-use assets and $382.9 million in lease liabilities.
What we recommended
A high-risk matter was reported in the management letter for the TAFE Commission highlighting non-compliance with policies and procedures guiding appropriate use of purchasing cards.
We recommended cluster agencies prioritise and address internal control deficiencies.
The Education cluster comprises four agencies, administering and delivering education and training services for New South Wales students, workers and industry.
- $45.3b property, plant and equipment as at 30 June 2022
- 100% unqualified audit opinions issued on agencies’ 30 June 2022 financial statements
- 7 monetary misstatements reported in 2021–22
- $22.1b total expenditure incurred in 2021–22
- 1 high-risk finding identified
- 31% of reported issues were repeat issues
Please contact Ian Goodwin, Deputy Auditor-General on 9275 7347 or by email.