Statement of Financial Standing
Provider Name: Polytechnic Institute Australia Pty Ltd
ABN: 34 145 333 795
Date of Statement of Financial Standing: 3 December 2021
The Polytechnic Institute Australia Pty Ltd Board of Directors has considered the company’s financial position and is of the opinion that:
The directors of the company declare that:
- The financial statements and notes for the year ended 30 June 2021 are in accordance with
the Corporations Act 2001 and:
- comply with Accounting Standards and the Corporations Regulations 2001; and
- give a true and fair view of the financial position and performance of the company.
- In the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Signed on behalf of the Board of Directors
Professor John Tarrant
Mr Michael Abraham
Date that the directors’ declaration was made 3 December 2021
Auditor: Morton Watson & Young Audit Pty Ltd
Date of audit opinion: 06 December 2021
We have audited the financial report of Polytechnic Institute Australia Pty Ltd, (the company) which comprises the Income Statement for the year ended 30 June 2021, Statement of Financial Position as at 30 June 2021, Statement of Changes in Equity, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies and the directors’ declaration.
In our opinion, the accompanying financial report of the company is in accordance with the Corporations Act 2001, including:
- giving a true and fair view of the company’s financial position as at 30 June 2021 and of its financial performance for the year ended; and
- complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Report section of our report. We are independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the company, would be in the same terms if given to the directors as at the time of this auditors’ report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Tuition Assurance Arrangement details
The Tuition Protection Service (TPS) is an initiative of the Australian Government that assists students whose education provider is unable to deliver fully a course of study. PIA is registered member of the TPS and has current coverage.
In the unlikely event that PIA is unable to deliver a course that an international student has paid for and unable either to offer an alternative course acceptable to the student or to refund the student’s unspent prepaid tuition fees, the TPS will assist students to find an alternative course or to obtain a refund of their unspent tuition fees if no suitable alternative can be found.
Domestic up-front fee-paying students are also eligible for tuition protection assistance under the TPS if the course has not commenced, or ceases after commencement but before completion, and the student has not previously withdrawn.
For more information go to: Tuition Protection Service (TPS)