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University of South Australia

Functional responsibility

The University of South Australia (the University) is established under the University of South Australia Act 1990.

The main functions of the University are to provide tertiary education programs, preserve, extend and disseminate knowledge through teaching, research, scholarship and consultancy and to provide educational programs for the benefit of the wider community or the enhancement of its cultural life.

Financial statistics
Operating result before income tax: $28.5 million
Australian Government financial assistance: $378 million
Number of FTEs: 2 641
Number of student (EFTSLs): 22 495

Significant events and transactions
  • The $85 million Learning Centre, named the Jeffrey Smart Building, opened in April 2015.
  • During 2014 the design stage commenced for the Health Innovation Building.

Financial statement opinion

The University has recognised $34.8 million of unspent funding as a liability for the year ended 31 December 2014. These funds represent contributions and meet the recognition criteria of income in accordance with Accounting Standard AASB 1004 ‘Contributions’ and Accounting Policy Framework V ‘Income Framework’. The University controls these funds upon receipt and it is highly unlikely that funds will be repaid.

Financial controls opinion
Key issues:
  • Lack of a centralised contract management framework
  • No requirement for the review of online banking access
  • Inadequate review and management of staff excess leave balances and ineffective review of payroll master file data
  • No requirement that all expenditure transactions are reviewed for appropriate authorisation