Qantas 2007 Annual Report Download - page 135

133Qantas |Annual Report 2007
Independent Audit Report
to the members of Qantas Airways Limited
Report on the Financial Report and AASB 124 remuneration disclosures contained in the Directors’ Report
We have audited the accompanying Financial Report of Qantas Airways Limited (Qantas), which comprises the Balance Sheets as at 30 June 2007, and the
Income Statements, Statements of Changes in Equity and Cash Flow Statements for the year ended on that date, a description of significant accounting
policies and other explanatory notes 1 to 34 and the Directors’ Declaration of both Qantas and the Qantas Group comprising Qantas and the entities it
controlled at the year’s end or from time to time during the financial year (the Qantas Group).
As permitted by the Corporations Regulations 2001, Qantas has disclosed information about the remuneration of Directors and Executives (remuneration
disclosures), required by Australian Accounting Standard AASB 124 Related Party Disclosures (AASB 124), under the heading “Remuneration Report” on
pages 59 to 70 in the Directors’ Report and not in the Financial Report. We have audited these remuneration disclosures.
Directors’ responsibility for the Financial Report and the AASB 124 remuneration disclosures contained in the Directors’ Report
The Directors of Qantas are responsible for the preparation and fair presentation of the Financial Report in accordance with Australian Accounting
Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining
internal control relevant to the preparation and fair presentation of the Financial Report that is free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In Note 1(A),
the Directors also state, in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements, that the Financial Report of
the Qantas Group, comprising the financial statements and notes, complies with International Financial Reporting Standards but that the Financial Report
of Qantas does not comply.
The Directors of Qantas are also responsible for the remuneration disclosures contained in the Directors’ Report.
Auditor’s responsibility
Our responsibility is to express an opinion on the Financial Report based on our audit. We conducted our audit in accordance with Australian Auditing
Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the
audit to obtain reasonable assurance whether the Financial Report is free from material misstatement. Our responsibility is also to express an opinion on
the remuneration disclosures contained in the Directors’ Report based on our audit.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Report and the remuneration
disclosures contained in the Directors’ Report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the Financial Report and the remuneration disclosures contained in the Directors’ Report, whether due to fraud or error. In
making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the Financial Report and
the remuneration disclosures contained in the Directors’ Report in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion of the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the
Financial Report and the remuneration disclosures contained in the Directors’ Report.
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 (including Australian Accounting Interpretations), a view which is consistent with our understanding of Qantas and
Qantas Group’s financial position, and of their performance and whether the remuneration disclosures are in accordance with AASB 124.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Auditor’s opinion on the Financial Report
In our opinion:
the Financial Report of Qantas Airways Limited is in accordance with the Corporations Act 2001, including:
giving a true and fair view of Qantas’ and the Qantas Group’s financial position as at 30 June 2007 and of their performance for the year ended on
that date; and
complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001.
b. the Financial Report of the Qantas Group also complies with International Financial Reporting Standards as disclosed in Note 1(A).
Auditor’s opinion on AASB 124 remuneration disclosures contained in the Directors’ Report
In our opinion the remuneration disclosures that are contained on pages 59 to 70 in the Directors’ Report comply with Australian Accounting Standard
AASB 124 Related Party Disclosures.
KPMG Martin Sheppard
Partner
Sydney, 27 August 2007
a.
i.
ii.