Qantas 2011 Annual Report Download - page 110

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THE QANTAS GROUP 108
to the Members of Qantas Airways Limited
Independent Auditor’s Report
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  June , 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  to  comprising a summary of signicant
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 nancial 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  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 (A), the
Directors also state, in accordance with Australian Accounting Standard AASB  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  and Australian Accounting Standards, a true and fair view which is consistent with our understanding of the
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 .
Auditor’s Opinion
In our opinion:
(a) The Financial Report of the Qantas Group is in accordance with the Corporations Act , including:
(i) Giving a true and fair view of the Qantas Group’s nancial position as at  June  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 
(b) The Financial Report also complies with International Financial Reporting Standards as disclosed in note (A)
REPORT ON THE REMUNERATION REPORT
We have audited the Remuneration Report included in the Directors’ Report for the year ended  June . The Directors of Qantas
are responsible for the preparation and presentation of the Remuneration Report in accordance with Section A of the Corporations Act
. 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  June  complies with Section A of the
Corporations Act .
KPMG Martin Sheppard
Sydney
Partner
 September 