Reserve Bank of Australia Annual Report – 2002 Financial Statements Independent Audit Report

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INDEPENDENT AUDIT REPORT

To the Treasurer

Scope

I have audited the financial statements of the Reserve Bank of Australia for the year ended 30 June 2002. The financial statements include the consolidated financial statements of the economic entity comprising the Reserve Bank of Australia and the entities it controlled at the year's end or from time to time during the year. The financial statements comprise:

  • Statement of Financial Position;
  • Statement of Financial Performance;
  • Statement of Distribution;
  • Notes to and forming part of the Financial Statements, and
  • Directors Statement.

The members of the 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 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 and statutory requirements in Australia 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.

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

Audit Opinion

In my opinion,

  • the financial statements have been prepared in accordance with Schedule 1 of the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders; and
  • the financial statements give a true and fair view, in accordance with applicable Accounting Standards, other mandatory professional reporting requirements and Schedule 1 of the Commonwealth Authorities and Companies (Financial Statements 2001–2002) Orders, of the financial position of the Reserve Bank of Australia as at 30 June 2002 and the results of its operations and its cash flows for the year then ended.
Signature of PJ Barrett

PJ. Barrett
Auditor-General

Sydney
9 August 2002

GPO Box 707 CANBERRA ACT 2601
Centenary House 19 National Circuit
BARTON ACT
Phone (02) 6203 7300 Fax (02) 6203 7777