The Education Act 1989 provides that every TEI must prepare an annual report. The annual report must include the financial statements prepared for the council for that year and referred to in section 154 of the Crown Entities Act 2004, plus an audit report and a statement of responsibility signed by the Chair of the council and the Chief Executive (s 220, Education Act 1989).
The TEI must forward these statements to the auditor no later than 90 days after the end of the financial year.
An important component of the TEI annual report is the SSP that reports on the achievements of the TEI against the Performance Commitments section of the Investment Plan, which focuses on performance indicators and targets relating to the priorities in the Tertiary Education Strategy (TES) and other contributors to improving the performance of the tertiary system.
Fully audited financial statements and the SSP together with the statement of responsibility must be provided by each TEI to the TEC for the Minister. The Minister is required to present the report to the House of Representatives within five working days of receiving it or, if Parliament is not in session, as soon as possible after the start of the next session of Parliament.
The TEI annual report, like those of many public and private organisations, is an important mechanism for communicating with, and demonstrating accountability to, a wide range of stakeholders. For this reason, it usually includes reports from the Chair and Chief Executive highlighting activities and achievements in the year. It also typically includes a range of operational data and statistics to present a picture for stakeholders of the TEI’s performance in the year under review and in comparison with earlier years.