Reserve Bank of Australia Annual Report – 2003 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 2003. The financial statements include the consolidated financial statements of the consolidated entity comprising the Reserve Bank of Australia and the entities it controlled at the year's end or from time to time during the financial year. The financial statements comprise:

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

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 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 Accounting Standards and other mandatory professional reporting requirements in Australia and statutory requirements so as to present a view which is consistent with my understanding of the Reserve Bank of Australia's and the consolidated entity's financial position, their financial performance and their cash flows.

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

Audit Opinion

In my opinion the financial statements:

  1. have been prepared in accordance with Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997; and
  2. give a true and fair view, in accordance with applicable Accounting Standards and other mandatory professional reporting requirements in Australia and the Finance Minister's Orders, of the financial position of the Reserve Bank of Australia and the consolidated entity as at 30 June 2003, and their financial performance and cash flows for the year then ended.
Signature of P.J. Barrett

P.J. Barrett
Auditor-General

Sydney
13 August 2003

GPO Box 707 CANBERRA ACT 2601
Centenary House 19 National Circuit
BARTON ACT
Phone (02) 6203 7500 Fax (02) 6273 5355
Email barrep@anao.gov.au