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105 ANNUAL REPORT 2010
to the Members of Qantas Airways Limited
REPORT ON THE FINANCIAL REPORT
We have audited the accompanying Financial Report of the Qantas Group comprising Qantas Airways Limited (Qantas) and the entities it controlled
at the year’s end or from time to time during the  nancial year, which comprises the Consolidated Balance Sheet as at 30 June 2010, and
Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and the
Consolidated Cash Flow Statement for the year ended on that date, a description of signi cant accounting policies and other explanatory notes
1 to 36 and the Directors’ Declaration.
Directors’ responsibility for the Financial 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  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 AASB 101 Presentation of Financial
Statements, that the Financial Report, comprising the  nancial statements and notes, complies with International Financial Reporting Standards.
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.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Report. The procedures selected
depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Financial 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 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 Financial Report.
We performed the procedures to assess whether in all material respects the Financial Report presents fairly, in accordance with the Corporations Act
2001 and Australian Accounting Standards (including the Australian Accounting Interpretations), a view which is consistent with our understanding
of the Qantas Group’s  nancial position and of its performance.
We believe that the audit evidence we have obtained is suf 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
In our opinion:
(a) The Financial Report of the Qantas Group is in accordance with the Corporations Act 2001, including:
(i) Giving a true and fair view of the Qantas Group’s  nancial position as at 30 June 2010 and of its performance for the year ended on that date
(ii) Complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001
(b) The Financial 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 the Directors’ Report for the year ended 30 June 2010. 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
In our opinion, the Remuneration Report of Qantas Airways Limited for the year ended 30 June 2010, complies with Section 300A of the
Corporations Act 2001.
KPMG Martin Sheppard
Sydney, 30 August 2010 Partner
Independent Auditor’s Report