Reserve Bank of Australia Annual Report – 1992 Financial Statements Independent Audit Report

INDEPENDENT AUDIT REPORT
TO THE RESERVE BANK BOARD

Scope

I have audited the financial statements of the Reserve Bank of Australia for the year ended 30 June 1992. The statements comprise:

  • balance sheet;
  • profit and loss appropriation statement, and
  • notes to and forming part of the financial statements.

The Bank's Board is 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 the Bank's Board and 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 accounts, 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 concepts and standards and statutory requirements so as to present a view of the Bank which is consistent with my understanding of its financial position and the results of its operations.

Note 1 to the financial statements discloses the Bank's non-compliance with AAS 28 – Statement of Cash Flows. I agree with that non-compliance and consider that compliance with the Standard would provide misleading information. The application of a Statement of Cash Flows required by the Standard would not adequately reflect the activities of the central bank.

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

Audit Opinion

In accordance with sub section 81(2) of the Reserve Bank Act 1959, 1 now report that the statements are in agreement with the accounts and records of the Bank, and in my opinion:

  1. the statements are based on proper accounts and records;
  2. the statements show fairly the financial operations for the year ended 30 June 1992 and the state of affairs of the Bank at that date, and
  3. the statements are in accordance with Statements of Accounting Concepts and applicable Accounting Standards.

J C TAYLOR
Auditor-General

Sydney

4 August 1992