Qantas Airways Limited

Assessment Requirements:

Assume you are the senior auditor of a famous accounting firm assigned to audit the Qantas Airways Limited, a public listed company, for the year ended 30 June 2019.

Based on the assumption of 2019 figures in Annual Report were not audited, you are required to do following activities:

As a senior auditor, you have been assigned the task of gaining an understanding of the client, as well as identifying inherent risks and risk of material misstatements based on your research. The information you gather will be used to help plan the audit. You are required report to your audit manager outlining the information you have gathered with regards to the following:

a.Provide an overview of the client's business, operation and industry (civil aviation industry). You need to consider any recent events concerning the company. (10 marks)

b.Identify 5 areas of business risks for Qantas Airways Limited and give a brief explanation of the identified risks. Discuss how these risks can lead to risk of material misstatement. (you will need to mention specific transaction/ balance and assertions at risk and why you think these are risk areas). (20 marks)