An audit of the university found there were no high-risk findings but three moderate risks in relation to purchase orders being generated after supplier invoices were received, the collection of an outstanding money not being followed up in a timely manner, and the depreciation of the student accommodation service concession assets based on a five or 40-year useful life.

Auditor-General Rod Whitehead said two previous reported findings remained unresolved regarding the high number of credit card users, variety to monthly limits, and the large volume of credit card transactions.

He also said the existence of employees with excessive entitlements to annual leave and long service leave was yet to be resolved.

The university received revenue of $440.4 million from Australian Government financial assistance, the Higher Education Loan Programs and student fees and charges which represented 61.8 per cent of total revenue.

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Total government assistance, including research grants, was $451 million last year compared to $425.4 million in 2017.

Research revenue represented 13.3 per cent of total revenue at $94.6 million.

The university as at December 31 had 2543 full-time equivalent employees.

Employee-related expenses of $379.6 million represented more than half of the university's expenditure.

Mr Whitehead said the university posted a $59.1 million surplus, but after consideration of a decline in capital funding and investment income and a flood insurance claim settlement last year, produced a $10.6 million underlying deficit.

He said this was a deterioration from the underlying deficit of $6.6 million in the previous year.

The university in 2018 held $404.2 million in investments and $93.6 million in borrowings.