Qantas 2013 Annual Report Download - page 166

164
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 2013, 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 38 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 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 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 2013 and of its
performance for the year ended on that date, and
(ii) Complying with Australian Accounting Standards
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 2013. 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 2013, 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 2013 have been properly prepared,
in all material respects, in accordance with the methodology
usedfor the Remuneration Outcomes Table set out in the
Directors’ Report on page 92.
KPMG
Duncan McLennan
Partner
Sydney
6 September 2013
Independent Auditor’s Report
FOR THE YEAR ENDED 30 JUNE 2013