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Statement on audit independence

Attributed to Chief Risk Officer Shaun Dooley

NAB has policies in place to protect the independence of its external auditor, Ernst & Young (EY). This includes limitations to the non-audit services EY is permitted to provide to the NAB Group, such as project and advisory work.

NAB has been open and transparent in acknowledging the significant improvements required to non-financial risk management and compliance, as identified in its self-assessment on culture, accountability and governance.

NAB’s program of reform includes 26 actions, which are all well underway. Executive and Board customer committees are now examining issues such as complaint handling processes and proactive identification of product hot spots. A review of all NAB products has commenced, with consideration of product design and how products are being used by customers.

All significant risk matters – financial and non-financial – are detailed in reporting for NAB’s most senior risk committees. These reports are also presented to the NAB Board, the NAB Board Risk Committee and made available to APRA and our external auditor.

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