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H7 Remuneration of auditors

Under Section 98 of the PGPA Act, the Auditor-General is responsible for auditing the financial statements of NBN Co Limited and its subsidiaries. On 4 December 2015, the Australian National Audit Office (ANAO) reappointed PwC as contractors to the financial statement audit process.

NBN Co has engaged PwC on assignments additional to their contract auditor duties and may decide to continue to do so, where their expertise and experience with the Group is important and no potential conflicts of interest exist. Any such engagement with PwC is subject to prior approval by the ANAO and having regard to their independence policies. The Directors are satisfied that the provision of advisory services by PwC did not compromise auditor independence requirements, having a specific regard to PwC’s role as the contractor to the ANAO.

During the year the following fees were paid or payable for services provided by the auditor and PwC:

NBN Co Group

30 June 2019

30 June 2018

For the year ended

$

$

Australian National Audit Office

Audit of annual financial statements

2,085,000

1,788,000

Review of half-year financial statements

611,000

526,000

Audit of NBN Co reporting for whole of Government financial statements

300,000

327,700

Non-recurring audit fees

-

-

Total remuneration for audit and other assurance services

2,996,000

2,641,700

PwC Australia

Other assurance related services

- Accounting advice

-

-

- Regulatory audit and reviews

417,000

404,000

- Other reviews

-

340,000

Total remuneration for other assurance related services

417,000

744,000

Other services

- Other

303,200

307,000

Total remuneration for other services

303,200

307,000

Total auditor's remuneration

3,716,200

3,692,700