Finances

Independent audit report

Our audit has been conducted in accordance with Australian auditing standards. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements and the evaluation of significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial statements are properly prepared in accordance with accounting standards, other mandatory professional reporting requirements, and the Royal Charter so as to present a view which is consistent with our understanding of the Association's state of affairs and the results of its operations and cashflows.

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

Audit opinion
In our opinion:

1. The financial statements, which are in agreement with the books and records of the Association, are properly drawn up:
   1. so as to give a true and fair view of the state of affairs of the Association at 31 December 1998 and its results and cash flows for the year ended on that date; and
   2. in accordance with applicable accounting standards and other mandatory professional reporting requirements; and
2. The membership and other accounting records required to be kept by the Association have been properly kept in accordance with the provisions of the Bylaws of the Association.

M J Empson
Partner (Canberra)

17 June 1999