Miss
Executive Summary
This is an analysis report of Qantas Airways Limited (Qantas Group) basis on the 2011 annual report. For the auditing purpose, the report will mainly focus on auditing perspectives. First of all, an overview of the company and industry, it gives an idea of what the business conditions in which they face with. By using the SWOT tool, we ensure the analysis is matched with the real business situations. Moreover, the report will discuss different categories of laws which would be applicable the Qantas Group and also the potential level of the reliance that placed on the control environment of the Qantas Group. Furthermore, the report will briefly give a planning materiality bases and percentage regarding to our analysis. Accordingly, two of highlighted risk accounts would be discussed and followed by the relevant substantive audit procedure.
1. Overview of the Company and the Industry
1.1. Company Overview
Qantas Group is the largest Australian airline group company which has a long history. It serves almost 80 destinations in 20 countries. Until 2010, 65% of domestic airline market in Australia was occupied by Qantas, it also hold 28% of international airline market share (Qantas, 2011a). In the first half year of 2011, the total revenue of Qantas Group was $14.894 billion. The two major airline brands Qantas and Jetstar were the revenue source of Qantas Group (Qantas, 2011b). In details, Qantas provides premium full service and Jetstar provides economic low-fare service, that is, these two brands constitutes the different level of service of Qantas Group to satisfy different kind of customers. On the other hand, QAN's core strategy is to develop its two profitable flying brands, and the differentiation is the competitive strategy which has been implemented by Qantas Group.
1.2. Industry Overview
After the 911 event in 2001, the airline industry all over the world suffered a powerful influence on its business. “The industry is
This is an analysis report of Qantas Airways Limited (Qantas Group) basis on the 2011 annual report. For the auditing purpose, the report will mainly focus on auditing perspectives. First of all, an overview of the company and industry, it gives an idea of what the business conditions in which they face with. By using the SWOT tool, we ensure the analysis is matched with the real business situations. Moreover, the report will discuss different categories of laws which would be applicable the Qantas Group and also the potential level of the reliance that placed on the control environment of the Qantas Group. Furthermore, the report will briefly give a planning materiality bases and percentage regarding to our analysis. Accordingly, two of highlighted risk accounts would be discussed and followed by the relevant substantive audit procedure.
1. Overview of the Company and the Industry
1.1. Company Overview
Qantas Group is the largest Australian airline group company which has a long history. It serves almost 80 destinations in 20 countries. Until 2010, 65% of domestic airline market in Australia was occupied by Qantas, it also hold 28% of international airline market share (Qantas, 2011a). In the first half year of 2011, the total revenue of Qantas Group was $14.894 billion. The two major airline brands Qantas and Jetstar were the revenue source of Qantas Group (Qantas, 2011b). In details, Qantas provides premium full service and Jetstar provides economic low-fare service, that is, these two brands constitutes the different level of service of Qantas Group to satisfy different kind of customers. On the other hand, QAN's core strategy is to develop its two profitable flying brands, and the differentiation is the competitive strategy which has been implemented by Qantas Group.
1.2. Industry Overview
After the 911 event in 2001, the airline industry all over the world suffered a powerful influence on its business. “The industry is
References: Annie, G, 2012, Qantas Fined $15500 for mistreating worker, ABC News, viewed on 10th Oct 2012, Aviation Business, 2012 Qantas Freight introduces Adaptalift Hyster’s fleet management system, Aviation Business, Viewed on 13th Oct 2012, Kirsty, N, 2010, Qantas in breach of safety laws, The Sydney Morning Herald, viewed on 6th Oct 2012, Qantas 2010, Qantas Fact Files, Qantas Group, viewed on 4th October 2012,