A Financial Audit Report summarising the results of past audits of entities in Queensland’s education sector has found that while their financial statements were reliable, they failed to cope with future funding uncertainties.
In his report, Education 2020, Auditor-General, Brendan Worrall said the education sector had mature financial statement processes and prepared good quality statements, despite the challenges the COVID-19 pandemic presented.
“However, the entities need to cope with funding uncertainty as future revenue streams remain uncertain, and plan for effective asset management,” Mr Worrall said.
His audit provided three recommendations, around strengthening the security of information systems, understanding costs to make informed decisions, and improving asset condition assessments.
“All entities should strengthen the security of their information systems,” Mr Worrall said.
“They rely heavily on technology and increasingly, they must be prepared for cyber-attacks. Any unauthorised access could result in fraud or error, and significant reputational damage.”
He said entities should provide security training for employees so they understood the importance of maintaining strong information systems, and their roles in keeping them secure.
The Auditor-General said that in order to remain sustainable in the longer term, entities needed to continue to develop their understanding of the value of their services and the cost of delivering them.
“They should use this understanding to decide whether to offer the same services in the future or invest in others that are more efficient or of greater value to customers,” Mr Worrall said.
“All entities need to regularly review the condition of their assets to ensure they understand current and future maintenance requirements.”
The Auditor-General’s 45-page report can be accessed at this PS News link.
