Reserve Bank of Australia Annual Report – 1994 Financial Statements Independent Audit Report

Image of the Auditor-General

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 1994. The statements comprise:

  1. balance sheet,
  2. profit and loss appropriation statement, and
  3. 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.

The audit has been conducted in accordance with the 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 and statutory requirements so as to present a view which is consistent with my understanding of the Bank's financial position, the results of its operations and its cash flows.

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, 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,
  2. the financial statements show fairly the financial operations and cash flows for the year ended 30 June 1994 and the state of affairs of the Bank at that date, and
  3. the financial statements are in accordance with applicable Accounting Standards.
Signature of W.G. Nelson

W.G. NELSON
Acting National Business Director

Sydney

2 August 1994