Auditing Report: Auditing of Sydney Airport, Finance Module

This report presents a comprehensive auditing analysis of Sydney Airport, a major international airport in Australia. It begins with an executive summary and table of contents, followed by an introduction that sets the scope of the report. The report analyzes various aspects of the airport, including its nature, business operations, investment and financing activities, and financial reporting practices. It delves into the industry, regulatory, and external factors influencing the airport, such as industry size, growth, supply chain, major players, market share, critical success factors, and potential threats, along with legal and environmental considerations. The report includes a SWOT analysis and Porter's Five Forces analysis to assess the airport's strategic position and competitive landscape. Furthermore, it examines the airport's objectives, strategies, and business risks, including industry developments, new products and services, and regulatory requirements. The report also evaluates the airport's performance through analytical procedures, such as current ratio, debt-equity ratio, return on equity, and profit margin ratio. It also considers the impact of external factors and assesses management and governance aspects, including communication, commitment to competence, and organizational structure. The conclusion summarizes key findings and references relevant sources, along with an appendix featuring financial statements.

Auditing1
Auditing
Name
Course
Professor
Institution affiliation
Date

Auditing2
Executive summary
Auditing is one of the processes that ensure that a company gets proper feedback apart from its internal
metrics. When auditing a firm, various shortcomings are identified in the process, which was otherwise
not noticeable while comparing the company's internal measures. This paper will address the various
issues considered during an audit by focusing on nature of the entity, the industry in which it operates,
the entities objective and performance measurement as well as management and governance. Finally,
the paper will provide a conclusion the funnels the important points cited on the paper.

Auditing3
Table of Contents
Introduction.................................................................................................................................................5
Nature of the entity.....................................................................................................................................5
Business operations.................................................................................................................................5
Investment and investment activates......................................................................................................5
Financing and financing activities............................................................................................................6
Financial reporting activities....................................................................................................................6
Industry, Regulatory, and External Factors..................................................................................................7
Industry size.............................................................................................................................................7
Industry growth.......................................................................................................................................8
Industry supply chain...............................................................................................................................8
Major players...........................................................................................................................................8
Market share and industry players..........................................................................................................9
Critical success factors.............................................................................................................................9
Major threats...........................................................................................................................................9
The legal environment...............................................................................................................................10
External environmental factors.................................................................................................................10
The pest analysis....................................................................................................................................10
SWOT ANALYSIS.....................................................................................................................................12
Porters five forces analysis....................................................................................................................13
Objectives, strategies and Assessing business risks...................................................................................14
Industry developments..........................................................................................................................14
New products and service.....................................................................................................................15
Expansion of business............................................................................................................................15
New accounting requirements..............................................................................................................15
Regulatory requirements.......................................................................................................................15
Current and prospective financing requirements..................................................................................16
The use of information technology........................................................................................................16
Effects of strategy implementation.......................................................................................................16
Analytical procedure and entity performance...........................................................................................17
Current ratio..........................................................................................................................................17
Debt equity ratio...................................................................................................................................17
Return on equity....................................................................................................................................18

Auditing4
Profit margin ratio.................................................................................................................................18
External factors affecting the entity......................................................................................................19
Management and governance...................................................................................................................20
Communication and enforcement of integrity......................................................................................20
Commitment to competence................................................................................................................20
Participation by those charged with governance..................................................................................20
Management philosophy and operating style.......................................................................................20
Organization structure...........................................................................................................................21
Assignment of authority and responsibility...........................................................................................21
Human resource and practices..............................................................................................................21
Conclusion.................................................................................................................................................21
References.................................................................................................................................................22
Appendix: 1, Financial statements.............................................................................................................25

Auditing5
Introduction
The paper focused on the case of Sydney airport, which is a listed company in Australia. The
company began its operations in 1933 with three runways. Sydney airport is located
approximately 8 kilometers from the city center, and 10 kilometers from the major tourist
attraction sites.
Nature of the entity
Business operations
Sydney airport is a primary airport and an international getaway company based in Australia.
The company contributes $ 30.8 billion annually to the national economy through its economic
activity. The contribution is approximately 6.4% of the New South Wales economy, which offers
306,700 direct and indirect jobs(Michael, 2017). The business is located 8km from the city
center and 10 km from major tourist attractions. The business consists of three runway networks,
that is, main north-south runway (4.0km), parallel north-south runway (2.4km) and east-west
runway (2.5 km). Also, there are 102 international terminal stores and 116 domestic terminal
stores. Check-in service desks are 234 for terminal 1, 68 for terminal 2 and 85 for terminal three.
The net cash flow from business activities has increased due to increased revenues and the offset
of airport operating expenses(William, 2017).

Auditing6
Investment and investment activates
Sydney airport assumes a disciplined approach while investing. The company earns a return on
aeronautical and commercial infrastructure capital investments. Sydney airport investment
activities involved the issuing of $ 900 million US144A/RegS bond to reinforce capital
management approach. The amount raised from the issue was used in repaying drawn bank
facilities. The net cash flow used in investing activities in 2016 are shown as ongoing
investments while investments done in 2015 include the T3 transaction worth $535.0. The
company has made investments in the terminus and airport precinct to target new business
opportunities. Moreover, it has invested in the property and car business and lease sites, hotel
sites, freight facilities, airline offices and airline lounges(Dickson, 2017).
Financing and financing activities
The company has realized a revenue growth of 11% which is equivalent to $ 1.364.6. Earnings
before interest and tax had a growth of 8.2% (1.085.7 million). The security-holder distribution
growth is at 21% translating to 31.0 cents per stapled security. Also, the company has issued
$900 million bonds at the rate of 4.9% which is fully hedged against currency exposure for ten
years results that exceed treasury objectives. The aeronautical revenue has had a growth of 5.6%
with 3.8% domestic while 8.9% international. Retail revenue stand at 12.2%, property and car
revenue has a growth of 15%. Moreover, parking and transport revenue have grown by 3.6%(AU
Government, 2017).
Financial reporting activities
Sydney airport observes the following practices concerning the financial reporting.

Auditing7
The financial report is build up by consolidated financial statements of SAL group and SATI
Group as stipulated by Accounting Standards.
The financial statements are prepared by the corporations’ act 2001, which is also in line with
Australian Accounting Standards.
The financial report is prepared under historical cost convention based on the evaluation of
financial assets and liabilities such as derivative instruments at fair value.
Also, the financial report represents the finances regarding Australian dollars which is the
required currency by SATI and SAL. The values are rounded to the nearest thousands of dollars
unless directed otherwise(Freed, 2017).
Industry, Regulatory, and External Factors
Industry size
Sydney airport is an international airport, which is the busiest in Australia, and the world's
longest-serving airport. The airport handles a capacity of about 41,870,000 passengers with over
326,686 aircraft movements making it the 38th busiest airport in the world. The airport serves 43
international and 46 domestic destinations directly. The company operates in a highly
concentrated industry whereby most aircraft movements go through Australia’s major airports

Auditing8
such as Brisbane and Melbourne. Over the past five years, the industry has experienced
significant growth due to the increase in the volume of passenger movements. This industry is
segmented into the rental of airport retail space, rental of rental of airport property, air traffic
control and navigation, and airport aeronautics (Silvester, 2017).
Industry growth
The Australian airline industry has witnessed major structural changes whereby the
Commonwealth has adopted a policy, which permits more than one Australian owned
international airlines to operate scheduled services to and from Australia. Also, the current trend
in the industry of low-cost international carriers is now being felt in Australian industry. As a
result of this trend, the Australian authority has developed the trade practice act that inhibits
unfair competition throughout the industry. The growth of the industry has also seen the opening
up of more destinations, with all the major international airlines operated by private owners
under long-term lease from commonwealth (John, 2017).
Industry supply chain
The airline industry supply chain in Australia consist pertains activities of sourcing resources
such as jet fuel, labor, and other supplies, to ensure the delivery of quality services to the
customers. The supply of jet fuel has proved to be the largest cost item consuming over 40% of
the operating cost, which in turn increases the industry cost and restrains growth. The largest cost
contributor of the jet fuel is the transportation cost from the Australian ports to the aircraft. The
second largest cost contributor in the airline industry is the aircraft maintenance. The supply
chain is usually outsourced keeping in mind the issues of safety. This, however, compels the
airlines to part away with a huge cost to get the quality services on maintenance(Brian, 2017).

Auditing9
Major players
The Australian airline industry consists of domestic and international airlines. Despite the
domestic airline having minimal regulation, the international airline is heavily regulated by the
commonwealth. The main industrial players in the Australian airline include Qantas, which
comprehensive regional and international networks and feeder traffic in other overseas airlines.
The second largest player is virgin blue, which despite having modest services compared to
Qantas; it has managed to put up competition in the domestic industry through its low-cost travel
budget. Other players include Sydney Marylebone and Brisbane. However, the domestic airport
is the most populated and highly competitive compared to the international industry.
Market share and industry players
Qantas is the third oldest airline in the world founded in 1920. The airline has managed to
acquire almost 30% of the market share in the international market. Sydney airport serves an
approximate of 39.7 million, which consists about 13.7% of the total market; share(Mary, 2017).
Critical success factors
The success factors in Australian airport industry include industry deregulation, increase in
passengers both domestic and international as well as the emergence of cheaper airlines. Also,
the industry has recently experienced an increase in the number of companies offering aircraft
maintenance which in turn has drastically reduced the fee charged on their services to ensure that
they can keep up with the competition. Moreover, the presence of companies like FedEx and
UPS as well as manufacturing companies who arrange with the airport industry has contributed
to the sustainable income of this industry through carriers and air cargo(Martin, 2017).

Auditing10
Major threats
The airport industry serves as the window to the country, in the same case this window is
exposed to terror attacks or even the entry of terrorists. Another threat is the possibility of entry
of diseases from other countries through the airport.
Also, airports serve as the conduit for drug and other abusive substances that have been
illegalized in Australia. Such entry of illegal substances from the foreign countries could lead to
harm in the local society and economy.
Another threat involves the risk of accidents due to malfunction of aircraft control system; such a
risk threatens the passenger’s life as well as the reputation of the company (Martin, 2017).
The legal environment
The legal environment in which Sydney airport operates in consist of regulations on financial
reporting as well as the legal and political environment.
The Sydney airport abides by the airport lease rules and procedures regarding lease with the
Commonwealth. One of the main regulation that the company abides by Sydney airport is the
airport's act 1996. This amendment strives to ensure the development of civil aviation in
Australia, regulate the airports in the interest of its users and the general community. Promote
efficiency and economic development in the operation of airports and facilitate the comparing of
airports performance in a manner that is transparent. Also, the act serves to ensure the diversity
of ownership and control of certain major airports remains in control by the domestic residence
(Brian, 2017).

Auditing11
External environmental factors
The pest analysis
Political
o Sydney airport operates in a stable
political environment
o The deregulation of the airline
industry has brought many business
opportunities to the company
o The open skies policy ensures that the
airport has frequent and different
clients who help generate revenues
o The foreign ownership rules ensure
that the industry is maintained and
majorly owned domestically
Economic
o The economic global financial crisis
has also been felt in the airline
industry which has led to reduced
number of airports and airlines
o The reduced disposable income as a
result of increase in the cost of living
has led to reduced freights due to
reduced number of passengers hence
reduced revenues
o The increased devaluation of the
Australian dollar against the dollar is
making it hard for the airport to
maintain the highest quality services.
o Fuel cost has been on the rise, which
is affecting the revenues of the
company.
Social
o The change in consumer
Technological
o The advancement of video

Auditing12
demographics has seen most
passengers preferring to spend less
during traveling thus making fewer
profits from the passengers.
o This change in consumer preference
has also been influenced by consumer
preferences as well as the increased
travel lifestyle.
conferencing has proven to cut on cost
as well as enhance efficiency
o More and more operation is now being
handled over the internet at a reduced
cost
o The investment in surface
transportation is now providing a
secondary source of income that helps
to compensate the reduced profit in
the primary activities of the airport.
o Modern and efficient aircraft has
enabled the airport to save a lot on
fuel and thus reduce the losses.
SWOT ANALYSIS
Strength
o Sydney airport has a strong dominance
in the Australian market
o It has also fostered its global presence
through partnership
o Has a stable income platform that is
also growing
Weakness
o The move to lower cost base through
layoff may create tense industrial
relations
o The airport currently has a mismatch
in capacity increase and market
demand.

Auditing13
o The airport has strong marketing and
public relations.
o The company is reducing its non-core
assets, which automatically reduces
its value.
Opportunities
o More opportunities lie in digital
marketing and loyalty program
o The airport also has the advantage of
big data analytics for operational
efficiency and customer experience
Threats
o There is a lot of risk due to the
volatility of foreign exchange as well
as the fuel
o The issues with regulations are
hampering the efforts to expand the
business.
o There is a lot of competition from the
Asian rivals.
Porters five forces analysis
The Porter's five forces affecting the airport industry include the following:
The bargaining power of buyers- the bargaining power of buyers, has continuously increased due
to the availability of various options to select. Such options include low cost, traveling services
and premium traveling services. Also other service providers in the industry offer services that
increase the buyer’s purchasing power (Sydneyairport.com.au, 2017).
Bargaining power of suppliers- In the airline industry the suppliers bargaining power is relatively
low due to a large number of suppliers who offer similar kind of services. Such suppliers include
virgin airlines and Qantas airlines.

Auditing14
The threat of substitute- the threat of substitute is much lower in comparison to other transport
means since air traveling is much faster. Long distance traveling cannot be much faster on roads
or sea as on air. Thus the threat substitute is low.
Rivalry among existing firms- the competition is currently so server in the domestic market.
Sydney airport is competing with Melbourne and other airports, which has led to losses during
operations (Airport, 2017).
The threat of new entry- the threat of new entry is lower since newer players require huge
investments in infrastructure.
In general, the airport industry has access to financing which is used to expand business despite
the existing regulations regarding the expansion of businesses. Also, the finance accessibility is
exposed to fluctuations in interest rate which might dent the airport business cash flow in the
long run. Moreover, the Australian dollar has been continuously been devalued against the
Australian dollar over time, which has made international business operations expensive.
Objectives, strategies and Assessing business risks
Industry developments
With airport industry experiencing significant growth in the number of airports and technology,
the current competitiveness requires the industry to cut down on its rate to get more clients.
These changes have forced Sydney airport to change its operations strategy to keep up with the
competition. The current state of the airport shows that the company might have to reconsider the
complete change in their operations to manage in keeping afloat in the industry. Such changes
could be through serious investment in technology and expansion of the airport. Other risk

Auditing15
factors that might influence business operations in the airport include government regulations
that limit the ownership of the airport to only 49% from foreign investors. This limits the number
of new ideas brought to the table (Nyström and Asproth, 2013).
New products and service
Sydney airport has currently invested in property and transport where is has introduced taxis to
ferry passengers to their destinations from the airport as well as to the airport. The transport
investment is currently being faced by fierce competition from other transport service providers.
The competitors are offering much cheaper rates, which is likely to drive the Sydney airport
transport out of business.
Expansion of business
The consideration to expand the airport business might be a good idea in the long run for Sydney
airport. However, the expansion might not be rewarding in the short run as the market size is
currently small and has not yet exhausted the current resources available.
New accounting requirements
Sydney airport has experienced various changes in their income reports. These changes will
continue to happen as the industry continues to shift. The recent reduction in rates charged on
aircraft might also prompt the adjustments of costs associated with airport operations to ensure
that the organization stays afloat. The changes may also affect service delivery, which poses a
risk of poor marketing (Velez-Pareja, 2012).
Regulatory requirements
The regulatory framework requires that all leased federal airports observe the airports act 1996
during their planning. The regulation requires the preparation of a master plan, which addresses

Auditing16
the environmental strategy of 20 years renewable after every five years, the failure of the airport
operations to observe the environmental strategy subjects the company to legal exposures.
Current and prospective financing requirements
Sydney airport is currently receiving financial gains from it primary operations as well as
secondary operations. The primary operations involve the hosting of flights while secondary
operations involve the transportation and hosting of passengers. These operations are currently
being faced by fierce competition from rivals who are offering cheaper rates. This move could
cripple Sydney airport business operations. This means that the business needs to strategize on
its pricing strategy in the short run as well as consider new uncompetitive investments (Knapp,
2013).
The use of information technology
The airport’s information technology infrastructure is as any other system, vulnerable to external
as well as internal threats by hackers. The system can lead to loss of business profits or even
damages in cases where the system has been compromised. Another alternative would be to
upgrade the system, which in turn would require funds to see the process to completion.
Effects of strategy implementation
The system upgrade means that almost all other systems and operations will be automated
including the financial reporting systems. The automation of almost all operations means when a
hacker manages to override the security system, he or she will be able to access the all the
information and control including finance and other control information. This means the hacker
can perform the act of terrorism with the help of company resources. Therefore, despite the

Auditing17
upgrade of the system, the huge investment should be made on security measures to ensure the
financial data, as well as the rest of company information, is safe(Sanders, 2011).
Analytical procedure and entity performance
Current ratio
Current ratio = current assets /current liabilities
2014
Current ratio = $613.6/ $1222.9 = 0.5
2015
Current ratio = $524.7/$753.9 = 0.7
2016
Current ratio = $665.5/$833 = 0.8
The current ratio of the company s increasing constantly and by 2016 the company had almost
experienced total efficiency.
Debt equity ratio
Debt equity ratio = debt/ equity
2014
Debt equity ratio = $9938.6/$3280.2 = 3
2015

Auditing18
Debt equity ratio = 10864.1/ 3092.7 = 3.51
2016
Debt equity ratio =11365.9/2886.3 = 3.94
Debt equity ratio has shown a slight increase since 2014 meaning that the company is
accumulating huge debts by leveraging its equity.
Return on equity
Return on equity = net income/ average shareholders’ equity
2014
Return on equity = 290.8/ ((3280.2+3687.2)/2)
Return on equity = 0.083 or 8.3%
2015
Return on equity = 537.4/ ((3092.7+ 3280.2)/2)
Return on equity = 0.17 or 17%
2016
Return on equity = 564.4/ ((2886.3+ 3092.7)/2)
Return on equity = 0.18 0r 18%
The return on equity ratio has shown a constant increase over the period of three years meaning
that the net income is also growing.

Auditing19
Profit margin ratio
Profit margin ratio = net income/ net sales
2014
Profit margin ratio = 290.8/1163.6
Profit margin ratio = 0.25 0r 25%
2015
Profit margin ratio= 537.3/ 1229
Profit margin ratio = 0.44 or 44%
2016
Profit margin = 564.4/1364.6
Profit margin = 0.41 or 41%
The profit margin ratio has increased from 2014 with a percentage of approximately 15%. This
shows that the airport is experiencing growth in customers as well as its investments.
External factors affecting the entity
The above ratios are also reflecting the industrial performance over the period of three years
whereby the industry started to realize significant growth shortly after commonwealth
deregulated the domestic market. Much of the realized increase in revenue is due to domestic
operations as well as from local investments (Schuster, 2009).

Auditing20
Management and governance
Communication and enforcement of integrity
Sydney airport is a public company governed by the Australian constitution as well as the
Commonwealth laws. Apart from these laws, the company has its internal policies, which guide
ethics and conduct of the company. These policies are communicated to the staff through
company handbooks as well as in weekly meetings.
Commitment to competence
The company also has strict guidelines concerning the hiring of employees as well as the
sourcing of suppliers. The company requires that the employees possess the required skills and
knowledge, and so are the suppliers. This is done so to ensure employees and suppliers exercise
integrity in their dealings as the passengers is primary focus of the company is ensuring safety
(De Neufville, 2012).
Participation by those charged with governance
The decision-making process in the management of Sydney airport involves the board of
directors as well as the two major investors. The two major investors are SAT and SAL. The
mixture of several stakeholders in determining the direction of the airport helps to raise and
scrutinize important issues that help ensure the success of the company. Moreover, the
independence of the stakeholders ensures the management executes of all the stakeholders.
Management philosophy and operating style
Sydney airport management ensures that activities are conducted within the scope stipulated by
the operational risk matrix and policies and in line with the board directives. Financial reporting
of the company follows the international accounting standards to allow the users interpret the

Auditing21
data easily. Also, information processing follows the policies of the company that shapes up the
information processing framework (Jackob, 2008).
Organization structure
The organization structure of the company consists of the CEO Directors, CFO, and COO who
reports to the CEO and an investor’s relation who reports to the CFO and COO.
Assignment of authority and responsibility
Sydney’s airport board of directors provides directions to the company, through the chief
executive officer. The executive officer then directs the company employees towards the goals of
the company. The chief financial officer, chief operations officer and the investor’s relations all
of whom conduct the core duties of the company, report to the chief executive officer.
Human resource and practices
The human resource policy requires that a fixed annual remuneration consists of base salary and
benefits, which include the minimum regulatory superannuation contribution.
Also, the human resource has set key performance targets in line with NRC at the beginning of
the year. The key performance indicators are set to ensure long-term, and short-term objectives
are met.
Conclusion
This paper shows that auditing does not only focus on the financial analysis but a holistic process
that considers internal and external operations of an entity. The case of Sydney airport shows that
the auditing is done by the directors to the staff, suppliers, and even the customers. This provides
a clear picture of how the organization is managing to handle its issues with its stakeholders. In
conclusion, auditing is a vital part of company processes as it provides unbiased feedback.

Auditing22
References
Airport, S. (2017). Org Chart Sydney Airport. [online] The Official Board. Available at:
https://www.theofficialboard.com/org-chart/sydney-airport [Accessed 24 Sep. 2017].
AU Government (2017). Australian Airline Industry – Parliament of Australia. [online]
Aph.gov.au. Available at:
http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/
pubs/rp/rp0203/03RP10#eairports [Accessed 24 Sep. 2017].
Brian, K. (2017). ASA 315 - Identifying and Assessing the Risks of Material Misstatement
through Understanding the Entity and Its Environment - October 2009. [online]
Legislation.gov.au. Available at: https://www.legislation.gov.au/Details/F2016C00028
[Accessed 24 Sep. 2017].
Brian, M. (2017). Melbourne Airport Annual Reports | Melbourne Airport. [online]
Melbourneairport.com.au. Available at: http://melbourneairport.com.au/about-melbourne-
airport/corporate-information/annual-reports.html [Accessed 24 Sep. 2017].
Chung, S. (2013). Alternative Investment Strategies Alternative Investment Strategies , Sohail
Jaffer . Euromoney Books , 1998 . The Journal of Alternative Investments, 2(2), pp.92-93.
De Neufville, R. (2012). STRATEGIC PLANNING FOR AIRPORT CAPACITY. Australian
Planner, 29(4), pp.174-180.
Dickson, B. (2017). Airport Operations in Australia Market Research | IBISWorld. [online]
Ibisworld.com.au. Available at: https://www.ibisworld.com.au/industry-trends/market-research-
reports/transport-postal-warehousing/support-services/airport-operations.html [Accessed 24 Sep.
2017].

Auditing23
Freed, J. (2017). Sydney Airport passenger numbers hit record in 2015. [online] The Sydney
Morning Herald. Available at: http://www.smh.com.au/business/aviation/sydney-airport-
passenger-traffic-climbs-to-record-20160119-gm9lp8.html [Accessed 24 Sep. 2017].
Industry Journal of Industrial Relations - Sarah Gregson, Ian Hampson, Anne Junor, Doug
Fraser, Michael Quinlan, Ann Williamson, 2015. [online] Journals.sagepub.com. Available at:
http://journals.sagepub.com/doi/abs/10.1177/0022185615582234?journalCode=jira [Accessed 24
Sep. 2017].
Jackob, M. (2008). Sydney Airport master plan 2009. [Sydney]: SACL.
John, F. (2017). Enhancing the customer experience. [online] Sydney Airport Sustainability
Report 2016. Available at: http://sustainability.sydneyairport.com.au/enhancing-the-customer-
experience/ [Accessed 24 Sep. 2017].
Julius, F. (2015). Sydney airport. Bondi Junction, N.S.W.: Focus Publishing.
Knapp, J. (2013). A Reconsideration of Consolidation Accounting Requirements and Pre-
acquisition Dividends. Australian Accounting Review, 23(3), pp.190-207.
Kolisch, R., Brunner, J. and Larsen, J. (2016). Airport operations management. Computers &
Operations Research, 65, p.163.
Mary, S. (2017). Airport Planning & Regulation. [online] Infrastructure.gov.au. Available at:
https://infrastructure.gov.au/aviation/airport/planning/index.aspx [Accessed 24 Sep. 2017].
Martin, H. (2017). Profit Margin Ratio | Analysis | Formula | Example. [online] My Accounting
Course. Available at: http://www.myaccountingcourse.com/financial-ratios/profit-margin-ratio
[Accessed 24 Sep. 2017].

Auditing24
Michael, K. (2017). Supply chains, maintenance, and safety in the Australian airline William, S.
(2017). Australian Airline Industry – Parliament of Australia. [online] Aph.gov.au. Available at:
http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/
pubs/rp/rp0203/03RP10 [Accessed 24 Sep. 2017].
Nyström, C. and Asproth, V. (2013). Virtual Teams — Support for Technical Communication?.
Journal of Organisational Transformation & Social Change, 10(1), pp.64-80.
Sanders, W. (2011). PLANNING SYDNEY'S AIRPORTS. Australian Planner, 29(4), pp.181-
188.
Schuster, D. (2009). Australia's approach to airport charges: The Sydney Airport experience.
Journal of Air Transport Management, 15(3), pp.121-126.
Silvester, W. (2017). Airports Act 1996. [online] Legislation.gov.au. Available at:
https://www.legislation.gov.au/Details/C2016C00709 [Accessed 24 Sep. 2017].
Stoner, J., Wankel, C. and Malleck, S. (2014). Global sustainability initiatives. Charlotte, N.C.:
Information Age Pub.
Sydneyairport.com.au. (2017). Board and management team. [online] Available at:
https://www.sydneyairport.com.au/corporate/about/management [Accessed 24 Sep. 2017].
Velez-Pareja, I. (2012). Financial Analysis and Control - Financial Ratio Analysis (Slides). SSRN
Electronic Journal.

Auditing25
Appendix: 1, financial statements

Auditing26

Auditing27

Auditing28

Auditing29