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 2020 | 30 June 2019 | |
For the year ended | $ | $ |
Australian National Audit Office | ||
Audit of annual financial statements | 2,171,421 | 2,085,000 |
Review of half-year financial statements | 758,669 | 611,000 |
Audit of NBN Co reporting for Whole of Government financial statements | 366,150 | 300,000 |
Non-recurring audit fees | - | - |
Total remuneration for audit and other assurance services | 3,296,240 | 2,996,000 |
PwC Australia | ||
Other assurance related services | ||
Accounting advice | - | - |
Regulatory audit reviews | 425,500 | 417,000 |
Other reviews | - | - |
Total remuneration for other assurance related services | 425,500 | 417,000 |
Other services | ||
Other | 168,500 | 303,200 |
Total remuneration for other services | 168,500 | 303,200 |
Total auditor's remuneration | 3,890,240 | 3,716,200 |
Visit
https://www.transparency.gov.au/annual-reports/nbn-co-limited/reporting-year/2019-20-54