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Independent Auditor’s Report
For the year ended 30 June 2016
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 2016, 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 29 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 29(A)i, 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
a
bout 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 2016 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 29(A)i.
REPORT ON THE REMUNERATION REPORT
We have audited the Remuneration Report included in the
Directors’ Report for the year ended 30 June 2016. 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 2016, complies with Section
300A of the Corporations Act 2001.
KPMG
Duncan McLennan Julian McPherson
Partner Partner
Sydney Sydney
2 September 2016 2 September 2016
KPMG, an Australian partnership and
a member firm of the KPMG network of
independent member firms affiliated with
KPMG International Cooperative (“KPMG
International”), a Swiss entity.
Limited liability by a scheme approved
under Professional Standards Legislation
102
QANTAS ANNUAL REPORT 2016