Statement of Financial Standing

Directors’ Declaration

In accordance with a resolution of the directors of Polytechnic Institute Australia Pty Ltd, the directors declare that: 

1. The financial statements and notes, as set out on pages 3 to 14, present fairly the 
   company’s financial position as at 30 June 2024 and its performance for the year ended 
   on that date in accordance with Australian Accounting Standards (including Australian 
   Accounting Interpretations); and 
2. 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. 

Director 
Christina May Slade
Dated this day of 22/10/2024 

Director 
Michael Abraham
Dated this day of 28/10/2024  

Opinion 

We have audited the financial report of Polytechnic Institute Australia Pty Ltd (the company), which comprises the statement of financial position as at 30 June 2024, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, 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: 
(i) giving a true and fair view of the company’s financial position as at 30 June 2024 and of its financial performance for the year then ended; and 
(ii) 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 Auditor’s 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 (including Independence Standards) (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 auditor’s report. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Information Other than the Financial Report and Auditor’s Report Thereon 

The directors are responsible for the other information. The other information comprises the information included in the company’s annual report for the year ended 30 June 2024 but does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 

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)