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New South Wales Auditor-General's report : financial audit : volume 12 2016 : report on industry, skills, electricity and water / New South Wales. Audit Office.

Catalogue Information
Field name Details
Record Number 18233
Corporate Author New South Wales. Audit Office.
Title New South Wales Auditor-General's report : financial audit : volume 12 2016 : report on industry, skills, electricity and water / New South Wales. Audit Office. [ElectronicResource]
Published Sydney : Audit Office, 2016.
Collation 71 pages [PDF]
Summary Note "In 2014–15, system limitations meant TAFE NSW was not able to provide evidence to support its recorded student revenue of $477 million, student receivables and accrued income of $47.6 million and unearned revenue of $398 million. This resulted in a qualified audit opinion on that year's financial statements. TAFE NSW engaged a consultant to address the issue and avoid another qualified audit opinion in 2015–16. The engagement included remediating student data, developing a standalone database with correct data and recalculating the financial information so it met TAFE NSW’s revenue recognition principles. Management resolved over 250,000 data exceptions and found that revenue had been understated by $138 million in 2014–15. This was recorded as a prior-period error in the financial statements. The engagement was costly. It required 185 full time TAFE NSW employees (including contractors) and incurred costs of more than $10.0 million. This exceeded initial scoping estimates ... Work has started on remediating student data in the live student system and implementing procedures to address limitations in the current student system ... Due to the system limitations TAFE NSW wrote down the value of the current student system by $12.7 million in 2014–15, and a further $12.0 million in 2015–16. The carrying value of the student system, originally $40.2 million at October 2014, is approximately $12.0 million at 30 June 2016. In June 2016, the government confirmed TAFE NSW will replace its student administration system with a modern, cloud-based system." - p. 17-18.
"The NSW Skills Board commissioned a review of the first year of the Smart and Skilled program. The review highlighted that in 2015: Smart and Skilled funding (excluding direct funding to TAFE NSW) totalled $680 million; 156,609 students commenced under the program, 85 per cent with TAFE NSW; 14 VET providers received suspensions, six were reinstated and two terminated; 11 VET providers had contracts terminated, five for quality issues and six for entering into liquidation or administration. [In addition,] [t]he Department advised the NSW Government budgeted $39.9 million to fund the Smart and Skilled Targeted Priorities Program, however 84 per cent of the money for targeted priority courses to be delivered by private sector providers had not been committed or paid." - p. 50.
Topical Term Technical education -- New South Wales
Vocational education -- New South Wales
Finance, Public -- New South Wales -- Auditing
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