Reserve Bank of Australia Annual Report – 1998 Financial Statements Independent Audit Report

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To the Treasurer


I have audited the financial statements of the Reserve Bank of Australia for the year ended 30 June 1998. The financial statements comprise:

  • Balance Sheet;
  • Profit and Loss Appropriation Statement; and
  • Notes to and forming part of the financial statements.

The members of the Bank's Board are responsible for the preparation and presentation of the financial statements and the information they contain. I have conducted an independent audit of the financial statements in order to express an opinion on them to you, the Treasurer.

The audit has been conducted in accordance with Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards, to provide reasonable assurance as to whether the financial statements are free of material misstatement. Audit procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial statements are presented fairly in accordance with Australian Accounting Standards, other mandatory professional reporting requirements (Urgent Issues Group Consensus Views) and statutory requirements so as to present a view of the entity which is consistent with my understanding of its financial position, the results of its operations and its cash flows.

As indicated in Note 1, the financial statements have been prepared, under transitional provisions contained in legislation associated with the Commonwealth Authorities and Companies Act 1997, in accordance with requirements existing immediately before 1 January 1998. Under those transitional provisions, this audit report also reflects the requirements of the then existing subsection 81(2) of the Reserve Bank Act 1959.

The audit opinion expressed in this report has been formed on the above basis.

Audit Opinion

I now report that the financial statements are in agreement with the accounts and records of the Bank and, in my opinion:

  1. the financial statements are based on proper accounts and records; and
  2. the financial statements give a true and fair view, in accordance with applicable Accounting Standards, other mandatory professional reporting requirements and statutory requirements, of the financial position of the Reserve Bank of Australia as at 30 June 1998 and the results of its operations and its cash flows for the year then ended.
Signature of P.J. Barrett

P. J. Barrett

6 August, 1998

Centenary House 19 National Circuit
Phone (02) 6203 7500 Fax (02) 6273 5355