Qantas 2012 Annual Report Download - page 138

FOR THE YEAR ENDED 30 JUNE 2012
Independent Auditor’s Report
To the Members of Qantas Airways Limited
REPORT ON THE FINANCIAL REPORT
We have audited the accompanying
Financial Report of Qantas Airways
Limited (Qantas), which comprises the
Consolidated Balance Sheet as at 30
June 2012, 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, notes 1
to 36 comprising a summary of significant
accounting policies and other explanatory
information and the Directors’ Declaration
of the Group comprising Qantas and the
entities it controlled at the year’s end or
from time to time during the financial year
(Qantas Group).
Directors’ Responsibility
for the Financial Report
The Directors of Qantas are responsible for
the preparation of the Financial Report that
gives a true and fair view in accordance
with Australian Accounting Standards and
the Corporations Act 2001 and for such
internal control as the Directors determine
is necessary to enable the preparation
of the Financial Report that is free from
material misstatement whether due to
fraud or error. In note 1(A), the Directors
also state, in accordance with Australian
Accounting Standard AASB 101 Presentation
of Financial Statements, that the Financial
Statements of the Group comply 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 of the Financial
Report that gives a true and fair view
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, a true and fair view which
is consistent with our understanding
of the Group’s financial position and
of its performance.
We believe that the audit evidence
we have obtained is sufficient 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 financial position
as at 30 June 2012 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 2012. The Directors
of Qantas 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 Directors’
Remuneration Report
In our opinion, the Remuneration Report
of Qantas Airways Limited for the year
ended 30 June 2012, excluding the
non-statutory remuneration disclosures,
complies with Section 300A of the
Corporations Act 2001.
Auditor’s Opinion on the non-statutory
remuneration disclosures
In our opinion, the non-statutory
remuneration disclosures set out in the
Directors’ Report of Qantas Airways
Limited for the year ended 30 June 2012
have been properly prepared, in all
material respects, in accordance with
the basis of preparation set out therein.
KPMG
Sydney
Duncan McLennan
Partner
14 September 2012
QANTAS ANNUAL REPORT 2012136