Qantas 2008 Annual Report Download - page 146

Download and view the complete annual report

Please find page 146 of the 2008 Qantas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

144 Qantas Annual Report 2008
Independent Auditor’s Report
to the members of Qantas Airways Limited
Report on the financial report
We have audited the accompanying fi nancial report of Qantas Airways Limited (Qantas), which comprises the balance sheets as at 30 June 2008,
and the income statements, statements of changes in equity and cash fl ow statements for the year ended on that date, a description of signifi cant
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 fi nancial year (the Qantas Group).
Directors’ responsibility for the financial report
The directors of Qantas are responsible for the preparation and fair presentation of the fi nancial 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 fi nancial 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 A ASB 101 Presentation of Financial
Statements, that the fi nancial report, comprising the fi nancial statements and notes, complies with International Financial Reporting Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the fi nancial 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 fi nancial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial report. The procedures selected
depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial 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
fi nancial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on 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 fi nancial report.
We performed the procedures to assess whether in all material respects the fi nancial report presents fairly, in accordance with the Corporations Act
2001 and Australian Accounting Standards (including the Australian Accounting In terpretations), a view which is consistent with our understanding
of the Company’s and the Group’s fi nancial position and of their performance.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
Auditor’s opinion on the Financial Report
In our opinion:
the fi nancial report of Qantas Airways Limited is in accordance with the Corporations Act 2001, including:
giving a true and fair view of the Company’s and the Group’s fi nancial position as at 30 June 2008 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.
the fi nancial report also complies with International Financial Reporting Standards as disclosed in note 1(A).
Report on the remuneration report
We have audited the Remuneration Report included in pages 60 to 72 of the directors’ report for the year ended 30 June 2008. The directors of the
company are responsible for the preparation and presentation of the remuneration report in accordance with Section 300A of the Corporations Act
2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with auditing standards.
Auditor’s opinion on the remuneration report
In our opinion, the remuneration report of Qantas Airways Limited for the year ended 30 June 2008, complies with Section 300A of the Corporations
Act 2001.
KPMG Martin Sheppard
Partner
Sydney, 22 September 2008
a.
i.
ii.
b.
For personal use only