Reserve Bank of Australia Annual Report 2011

More documents

Recommendations

Info

Auditor-General for Australia Australian National Audit Office INDEPENDENT AUDITOR'S REPORT To the Treasurer Report on the Financial Statements I have audited the accompanying financial statements of the Reserve Bank of Australi and the controlled entities for the year ended 30 June 2011 , which comprise: a Directors' Statement; Balance Sheet; Statement of Comprehensive Income; Statement of Distribution; Statements of Changes in Capital and Reserves; Cash Flow Statement; and Notes to and forming part of the Financial Statements, including a summary of accounting policies. Directors' Responsibility for the Financial Statements The directors of the Reserve Bank of Australia are responsible for the preparation of the financial statements that give a true and fair view in accordance with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997, including the Australian Accounting Standards, and for such internal control as the directors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In Note 1, the directors also state that the financial statements comply with International Financial Reporting Standards. Auditor's Responsibility My responsibility is to express an opinion on the financial statements based on my audit. I conducted my audit in accordance with the Australian National Audit Office Auditing Standards, which incorporate Australian Auditing Standards. These auditing standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Reserve Bank of Australia's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. GPO Box 707 CANBERRA ACT 2601 19 National Ci rcu it BARTON ACT Phone (02) 6203 7500 Fax (02) 6273 5355 Email ia n.mcphee@anao.gov.au 108 Reserve bank of Australia
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Independence In conducting my audit, I have followed the independence requirements of the Australian National Audit Office, which incorporate the requirements ofthe Australian accounting profession. Opinion In my opinion, the financial statements of the Reserve Bank of Australia and the controlled entities: (a) have been prepared in accordance with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997, including the Australian Accounting Standards; (b) give a true and fair view of the matters required by the Finance Minister's Orders including the Reserve Bank of Australia's and the controlled entities financial position as at 30 June 2011 and of their financial performance and cash flows for the year then ended; and (c) comply with International Financial Reporting Standards as disclosed in Note I. Australian National Audit Office ~..,){_..____~ ~P~ee Auditor-General Canberra 25 August 2011 ANNUAL REPORT 2011 | independent auditor’s report 109
Page 1:
RESERVE BANK OF AUSTRALIA ANNUAL RE
Page 4 and 5:
© Reserve Bank of Australia 2011.
Page 6 and 7:
The banking and payments group cont
Page 8 and 9:
4 Reserve bank of Australia
Page 10 and 11:
Audit Committee The objectives of t
Page 12 and 13:
Roger Corbett AO Member since 2 Dec
Page 14 and 15:
Page 16 and 17:
Committee’s questioning of the Ba
Page 18 and 19:
The Reserve Bank hosts regular conf
Page 20 and 21:
Reserve Bank Balance Sheet $ billio
Page 22 and 23:
Days 120 100 80 60 40 20 0 Australi
Page 24 and 25:
sovereign debt crisis in Europe and
Page 26 and 27:
Page 28 and 29:
M 250 200 150 100 50 by other users
Page 30 and 31:
about 10 per cent less than in 2007
Page 32 and 33:
Page 34 and 35:
% Value of Banknotes on Issue Per c
Page 36 and 37:
ppm 20 15 10 5 0 04/05 Source: RBA
Page 38 and 39:
Page 40 and 41:
countries), the main international
Page 42 and 43:
appropriate fee; the committed amou
Page 44 and 45:
Economic activity in most EMEAP eco
Page 46 and 47:
Page 48 and 49:
Staff in the State Offices also pla
Page 50 and 51:
The Reserve Bank continued to provi
Page 52 and 53:
Page 54 and 55:
No 50 40 30 20 10 counterfeit exami
Page 56 and 57:
expected to reduce energy and water
Page 58 and 59:
4 3 2 1 0 and Securency Internation
Page 60 and 61:
40 20 Credit Exposure Per cent of b
Page 62 and 63: lost. The centrepiece of these arra
Page 64 and 65: The Reserve Bank follows commercial
Page 66 and 67: 62 Reserve bank of Australia Underl
Page 68 and 69: The Reserve Bank is committed to th
Page 70 and 71: 66 Reserve bank of Australia
Page 74 and 75: Balance Sheet - As at 30 June 2011
Page 76 and 77: Statement of Distribution - For the
Page 78 and 79: Cash Flow Statement - For the year
Page 80 and 81: Notes to and Forming Part of the Fi
Page 82 and 83: Interest on fixed coupon securities
Page 84 and 85: Sell repurchase agreements Securiti
Page 86 and 87: Balances of asset revaluation reser
Page 88 and 89: Note 2 - Net Profits Interest reven
Page 90 and 91: Note 4 - Interest Revenue and Inter
Page 92 and 93: Note 6 - Cash and Cash Equivalents
Page 94 and 95: Note 10 - Other Liabilities Provisi
Page 96 and 97: As at 30 June 2011 and 30 June 2010
Page 98 and 99: Accounting Valuation For financial
Page 100 and 101: Note 14 - Superannuation Funds (Con
Page 102 and 103: Market Risk Market risk is the risk
Page 104 and 105: Credit Risk Credit risk is the pote
Page 106 and 107: Liquidity Risk Liquidity risk is th
Page 108 and 109: Maturity Analysis - As at 30 June 2
Page 110 and 111: As at 30 June 2011 One $M Level Two
Page 116 and 117: Organisational Chart August 2011 Re
Page 118 and 119: Banking and Payments Group Assistan
Page 120: Glossary ACC Asian Consultative Cou
show all

Reserve Bank of Australia Annual Report 2011

Create successful ePaper yourself

Delete template?

Save as template?