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University of South Australia (UniSA)

Financial statistics
Operating result before income tax: $55.8 million
   
Australian Government financial assistance: $387 million
   
Number of FTEs: 2 596
Number of student (EFTSLs): 22 264

Significant events and transactions
  • The construction of the Health Innovation Building, with a total budget in excess of $230 million, commenced in 2015 with $29 million spent as at 31 December 2015.
  • The Reid Building was sold to the SA Government for $30 million contributing to a total gain on disposal of property, plant and equipment of $10.8 million.

Financial statement opinion
Modified

UniSA has recognised $25.9 million of unspent funding as a liability for the year ended 31 December 2015. 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'. UniSA controls these funds upon receipt and it is highly unlikely that funds will be repaid.


Financial controls opinion
Modified
Key issues:
  • No review of online banking access and transaction limits
  • Improvements required in the management of Vice Chancellor authorisations
  • No review of online invoice approval system user profiles and authorisation limits
  • No requirement that all non-online payments are reviewed for appropriate authorisation
  • Review of employee level payroll information is not effective
  • Inadequate management of employee leave balances
  • Casual employees’ time worked and acknowledgement of payments reports not always reviewed