Reserve Bank of Australia Annual Report – 1999 Financial Statements Independent Audit Report

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To the Treasurer


I have audited the financial statements of the Reserve Bank of Australia (the Bank) for the year ended 30 June 1999. The financial statements include the consolidated financial statements of the economic entity comprising the Bank and the entity it controlled at the year's end or from time to time during the year. The statements comprise

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

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 whether, in all material respects, the financial statements are presented fairly in accordance with Australian Accounting Standards, other mandatory professional reporting requirements and statutory requirements so as to present a view which is consistent with my understanding of the Bank's and the economic entity's financial position, the results of their operations and their cash flows.

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

Audit Opinion

In my opinion,

  1. the financial statements have been prepared in accordance with Schedule 2 of the Finance Minister's Orders
  2. the financial statements give a true and fair view, in accordance with applicable Accounting Standards, other mandatory professional reporting requirements and Schedule 2 of the Finance Minister's Orders, of the financial positions of the Bank and the economic entity as at 30 June 1999 and the results of their operations and their cash flows for the year then ended.
Signature of P.J. Barrett

P. J. Barrett


5 August 1999

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