30 June 1993

His Excellency Dr B.S. Hetzel AC
The Administrator
Government House
ADELAIDE SA 5000

Your Excellency,

On 28 March 1991 I was appointed pursuant to Section 25 of the State Bank of South Australia Act, 1983 to investigate and report on certain matters relating to the State Bank of South Australia and the Bank Group.

I am permitted pursuant to my Terms of Appointment to prepare separate reports and I now present my second Report which deals with those of my Terms of Appointment as they relate to Beneficial Finance Corporation Limited (Beneficial Finance) and the external audits of both the Bank and Beneficial Finance. This is my final Report on matters arising under my Terms of Appointment.

Yours sincerely

K I MacPHERSON
AUDITOR-GENERAL