Qantas 2005 Annual Report Download - page 122

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120
SCOPE
THE FINANCIAL REPORT AND DIRECTORS’ RESPONSIBILITY
The Financial Report comprises the Statements of Financial Position, Statements of Financial Performance, Statements of Cash Flows,
accompanying notes 1 to 39 to the Financial Statements, the disclosures made by Qantas in accordance with the Corporations
Regulations 2001 as required by AASB 1046 – Director and Executive Disclosures by Disclosing Entities included on pages 54 to 63 in
the “Remuneration Report” in the Directors’ Report (“remuneration disclosures”) and the Directors’ Declaration for both Qantas Airways
Limited (Qantas) and Qantas Airways Limited and its controlled entities (the Qantas Group), for the year ended 30 June 2005. The Qantas
Group comprises both Qantas and the entities it controlled during that year.
The Remuneration Report also contains information not required by Accounting Standard AASB 1046 – Director and Executive Disclosures
by Disclosing Entities, which is not subject to our audit.
The Directors of Qantas are responsible for the preparation and true and fair presentation of the Financial Report and the Remuneration
Report in accordance with the Corporations Act 2001. 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 Financial Report.
AUDIT APPROACH
We conducted an independent audit in order to express an opinion to the members of Qantas. Our audit was conducted in accordance
with Australian Auditing Standards in order to provide reasonable assurance as to whether the Financial Report is free of material
misstatement and the remuneration disclosures comply with Accounting Standard AASB 1046 and the Corporations Regulations 2001.
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
misstatements have been detected.
We performed procedures to assess whether in all material respects the Financial Report presents fairly, in accordance with the
Corporations Act 2001, Australian Accounting Standards and other mandatory financial reporting requirements in Australia, a view which
is consistent with our understanding of Qantas’ and Qantas Group’s financial position and of their performance as represented by the
results of their operations and cash flows and whether the remuneration disclosures comply with Accounting Standard AASB 1046 and
the Corporations Regulations 2001.
We formed our audit opinion on the basis of these procedures, which included:
x examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the Financial Report; and
x assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting
estimates made by the Directors.
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.
AUDIT OPINION
In our opinion, the Financial Report including the remuneration disclosures that are contained on pages 54 to 63 in the Remuneration
Report in the Directors’ Report of Qantas Airways Limited are in accordance with:
(a) the Corporations Act, including:
i. giving a true and fair view of Qantas’ and Qantas Group’s financial position as at 30 June 2005 and of their performance for the
year ended on that date; and
ii. complying with Accounting Standards in Australia, including AASB 1046 – Director and Executive Disclosures by Disclosing
Entities, and the Corporations Regulations 2001; and
(b) other mandatory financial reporting requirements in Australia.
KPMG
Mark Epper
Partner
Sydney, 29 August 2005
Spirit of Australia
~Independent Audit Report~
to the members of Qantas Airways Limited