Reserve Bank Board Audit Committee

The primary objective of the Reserve Bank Board Audit Committee is to report to the Board on matters relevant to the fulfilment of the Bank's statutory financial reporting and other obligations in terms of the Reserve Bank Act 1959 and the Public Governance, Performance and Accountability Act 2013. The Committee assists the Governor and the Board in fulfilling their obligations relating to financial reporting, risk management and fraud control, and regulatory compliance.

In terms of its Charter, which is approved by the Reserve Bank Board, the Audit Committee assists the Governor (as the Reserve Bank's accountable authority) and the Reserve Bank Board in fulfilling certain statutory obligations in relation to:

  • preparing the Reserve Bank's annual report, including the report of operations, performance statement and financial statements
  • establishing and maintaining appropriate systems of internal control
  • establishing and maintaining appropriate systems of risk oversight and management.

Meetings of the Reserve Bank Board Audit Committee

The Reserve Bank Board Audit Committee meets four times each calendar year.

Members of the Reserve Bank Board Audit Committee

The Chair and other members of the Reserve Bank Board Audit Committee are appointed by the Governor, in consultation with the Reserve Bank Board. The Audit Committee comprises three or more members. The Chair is a non-executive member of the Reserve Bank Board. Other members of the Audit Committee are either non-executive members of the Board or external appointments, each of whom must have appropriate qualifications, knowledge, skills or experience. Typically, external appointments are former senior audit partners with extensive experience in the financial sector.

Audit Committee members are appointed for a term of five years or, in the case of non-executive members of the Reserve Bank Board, for a term coinciding with their appointment to the Board. A list of previous and current members of the Reserve Bank Board Audit Committee is published on this website.

The current members of the Reserve Bank Board Audit Committee are:

Chair: Mark Barnaba AM

Photograph of Mark Barnaba

Member since 23 July 2018
Chair since 8 August 2018
Present term ends 30 August 2022

Member – Reserve Bank Board

Co-Deputy Chair – Fortescue Metals Group Ltd
Chair – Audit and Risk Management Committee, Fortescue Metals Group Ltd
Chairman – The University of Western Australia Business School Board
Chairman – Investment Committee HBF
Adjunct Professor – Investment Banking and Finance, The University of Western Australia
Senior Advisor – EY Oceania
Senior Advisory Board Member – Appian Capital Advisors

Sandra Birkensleigh

Photograph of Sandra Birkensleigh

Member since 9 September 2015
Present term ends 8 September 2020

Non-Executive Director – Auswide Bank Limited
Non-Executive Director – Horizon Oil Limited
Non-Executive Director – MLC (Insurance) Limited
Non-Executive Director – National Disability Insurance Agency
Non-Executive Director – 7-11 Holdings Limited and its subsidiaries
Chair – Audit Committee for each of the abovementioned organisations
Non-Executive Director and Audit Committee Member – The Tasmanian Public Finance Corporation
Member – Institute of Chartered Accountants, Australia and New Zealand
Member – Institute of Company Directors

Rahoul Chowdry

Photograph of Rahoul Chowdry

Member since 14 February 2018
Present term ends 13 February 2023

Partner – MinterEllison
FCA – Institute of Chartered Accountants in Australia & New Zealand
FCA – Institute of Chartered Accountants in England and Wales

Allan Moss AO

Photograph of Allan Moss AO

Member since 31 August 2017
Present term ends 1 December 2020

Member – Reserve Bank Board

Principal – Allan Moss Investments Pty Ltd
Advisory Board Member – Eight Investment Partners Pty Ltd