Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration report
Financial statements
Sustainability supplement
Security holder information
Recording of toll revenue THT Toll revenue – not applicable
Group – Note B5 Toll revenue: $2,324m
TIL – Note D4 Toll Revenue: $62m
Key audit matter
How our audit addressed the key audit matter Our procedures included, amongst others: Testing a selection of Information Technology General Controls (ITGCs) supporting the integrity of the tolling systems' operation, including access, operations and change management controls. Performing tests of the design and operation of relevant controls over revenue adjustments, write offs, image processing and exception reporting. Performing testing of the review and approval of toll price increases for each toll road during the year. Performing testing of manual journals and manual adjustments to revenue. Using data analytics to recalculate toll revenue for each toll road in Australia and the A25 in Canada for the full 12 month period. For all material contracts, obtaining an understanding of the key terms of the arrangements, term dates and performance obligations in regard to Australian Accounting Standards. Assessing the Group's identification of performance obligations and allocation of prices to the performance obligations for a sample of contracts.
The Transurban Group operates toll roads in 4 geographic segments: Melbourne, Sydney and Brisbane in Australia and North America. Each toll road records and recognises revenue through the use of technology, specifically, roadside equipment supported by tolling and billing systems. Tolling equipment and systems are customised complex systems that are built with the purpose of correctly identifying vehicle type, calculating correct fare and linking the vehicle to the customer’s account for billing purposes or obtaining information from local transport authorities for vehicles that have not made a valid billing arrangement. Every toll road operates under a different concession deed which governs the means by which customers are charged. We considered this to be a key audit matter for the Group and TIL due to the large volume of transactions that were processed in the year, the unique nature of each toll road and the reliance on bespoke information technology systems and controls.
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