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Review of Financial Statements

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DETAILS OF ASSIGNMENT: Review the audited annual reports including financial statements presented to the shareholders in respect of the company noted below and answer the questions. Please note that if the web-link fails to open you may need to “right click” on it and use “open hyperlink” to access it. Qantas Ltd – 30 June 2015 https://www.qantas.com.au/infodetail/about/investors/2015AnnualReport.pdf Questions to be answered by the team or group: Assume that your audit team is responsible for planning the audits for Qantas Ltd for the year ended 30 June 2015. Discuss your strategies in relation to the questions noted below – 2. (A). Carry out an analytical review on the financial statements of this company in the planning phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least three (3) points for the company and justify your answer. (B). What audit procedures and/or tasks would you have planned to carry out in response to the high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area would you have minimised your evidence gathering procedure? See the required format for your answers below