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Qantas Annual Report 2004 79Spirit of Australia
Independent Audit Report on the Concise Financial Report
to the Members of Qantas Airways Limited
SCOPE
The Financial Report and directors’ responsibility
The Concise Financial Report comprises the Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows,
accompanying notes 1 to 11, and the accompanying Discussion and Analysis on the Statement of Financial Performance, Statement of
Financial Position, and Statement of Cash Flows, for Qantas Airways Limited (“the Company”) and its controlled entities for the year ended
30 June 2004.
The directors of the Company are responsible for the preparation of the Concise Financial Report in accordance with Australian Accounting
Standard AASB 1039 “Concise Financial Reports”. This includes responsibility for the maintenance of adequate accounting records and
internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates
inherent in the Concise Financial Report.
Audit approach
We conducted an independent audit in order to express an opinion to members of the Company. Our audit was conducted in accordance
with Australian Auditing Standards in order to provide reasonable assurance as to whether the Concise Financial Report is free of material
misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent
limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore an audit cannot guarantee that
all material misstatements have been detected. We have also performed an independent audit of the full Financial Report of the Company
and its controlled entities for the year ended 30 June 2004. Our audit report on the full Financial Report was signed on 30 August 2004,
and was not subject to any qualification.
We performed procedures in respect of the audit of the Concise Financial Report to assess whether, in all material respects, the Concise
Financial Report is presented fairly in accordance with Australian Accounting Standard AASB 1039 “Concise Financial Reports”.
We formed our audit opinion on the basis of these procedures, which included:
testing that the information in the Concise Financial Report is consistent with the full Financial Report, and
examining, on a test basis, information to provide evidence supporting the amounts, Discussion and Analysis,
and other disclosures, which were not directly derived from the full Financial Report.
While we considered the effectiveness of management’s internal controls over financial reporting when determining the nature and extent
of our procedures, our audit was not designed to provide assurance on internal controls.
INDEPENDENCE
In conducting our audit, we followed applicable independence requirements of Australian professional ethical pronouncements and the
Corporations Act 2001.
AUDIT OPINION
In our opinion, the Concise Financial Report of Qantas Airways Limited and its controlled entities for the year ended 30 June 2004
complies with Australian Accounting Standard AASB 1039 “Concise Financial Reports”.
KPMG Mark Epper
Partner
Sydney, 30 August 2004