Auditing: Qantas Airways Analysis

This report provides a detailed analysis of Qantas Airways Limited, focusing on various aspects of business risk assessment. It begins by understanding the nature of the entity through its operations, investments, financing, and financial reporting practices. A thorough industry analysis follows, covering industry size, growth, supply chain, key players, market share, critical success factors, and major threats. The report also examines the legal environment and external environmental factors using PESTLE analysis, Porter's Five Forces, and SWOT analysis. A key section assesses business risks related to industry developments, new products and services, business expansion, accounting requirements, regulatory requirements, financing prospects, IT usage, and strategic impact. The report then performs analytical procedures to understand the entity's performance using profitability, liquidity, leverage, and operating margin ratios, comparing Qantas to its competitor, Virgin Australia. Finally, it examines Qantas' management and governance, including ethical values, competence, governance participation, management philosophy, organizational structure, authority allocation, and HR practices. The conclusion highlights Qantas' leadership in the Australian aviation industry and its successful performance.

Running head: AUDITING
Auditing
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Introduction................................................................................................................................3
Part 1: Understanding the nature of the Entity...........................................................................4
(a) Operations of the business...........................................................................................4
(b) Investment and investment activities...........................................................................4
(c) Financing and financial activities................................................................................4
(d) Financial Reporting Practices......................................................................................5
Part 2: Understanding the Industry............................................................................................5
(a) Industrial Size..............................................................................................................5
(b) Industry Growth...........................................................................................................5
(c) Industrial Supply Chain...............................................................................................6
(d) Key players in the market............................................................................................6
(e) Market shares of the industry players..........................................................................7
(f) Critical success factors................................................................................................8
(g) Major Threats..............................................................................................................9
Part 3: Understanding the legal environment.............................................................................9
Part 4: Understanding the external environmental factors.........................................................9
(a) PESTLE Analysis......................................................................................................10
(b) Porter Five Forces......................................................................................................11
(c) SWOT Analysis.........................................................................................................12
Part 5 – Understand objectives, strategies and Assessing Business Risks...............................13
(a) Industry developments:.............................................................................................13

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(b) New Products and Services.......................................................................................13
(c) Expansion of the Business.........................................................................................14
(d) New Accounting Requirement..................................................................................14
(e) Regulatory Requirement............................................................................................14
(f) Prospects for financing..............................................................................................14
(g) Use of IT....................................................................................................................14
(h) The impact of incorporating a strategy......................................................................14
Part 6 – Performing Analytical Procedures to understand Entity’s Performance....................15
Part 7 – Understand management and Governance.................................................................19
(a) Enforcement and communication of the integrity and the ethical values.................19
(b) Commitment for competence....................................................................................20
(c) Participation by the one who are charged with governance......................................20
(d) Philosophy of the management and the style of operation........................................20
(e) Organizational Structure............................................................................................20
(f) Allotment of Authority..............................................................................................20
(g) HR practices and policies..........................................................................................21
Conclusion................................................................................................................................22
Reference List..........................................................................................................................23

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Introduction
This paper has been constructed in order to focus on the numerous aspects of the
analysis of the business risk that is associated with Qantas Airways Limited. There have been
few crucial components in regards to this research paper that have been observed in
accordance to the utilisation of numerous kinds of the entities that have been observed while
gaining knowledge about the Industry Regulatory and External Factors. There are certain
other components in regards to this report that have been revealed the governance of the
management structure and the characteristic of the entity (Chen and Liu 2017). The paper has
moreover explained the various kinds if the components for the risks that are related to the
business and even the objectives and the strategies utilised by the organizations.
The different kinds of ways of gaining knowledge about the originations have been
undertaken with the utilisation of the operations of the business, investment operations and
the practices of the financial reports. The next segment of the paper has explained about the
industrial development or growth, chain of the industry supply, the problems related ti the
significant factors of success and the share of market of the key industrial companies. The
third segment of the paper has additionally observed to explain on the understanding of the
legal atmosphere. The various kinds of the other components of the paper that have been
observed with the knowledge about the factors related to the extrinsic factors, structure of the
corporate governance and the management associated with the organizations (Xu and Cui
2017). The primary focus of this paper has been additionally observed to be given on the
completion of the analytical process for gaining knowledge about the entity. The last section
of the paper has revealed a crucial amount of the concentration, which has been noticed to be
associated to the knowledge of the structure of the company, operating and the philosophical
style associated to it.

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Part 1: Understanding the nature of the Entity
(a) Operations of the business
Qantas Airways Limited has been recognised to be one of the initiators of providing elite,
luxurious and economical airline experience to the Australian residents. Qantas Airways has
been seen to be additionally delivering several kinds of airline and courier services as well as
new and innovative airline facilities. Qantas has even undertaken programs like airhostess
programs and training and developments of the new aspiring candidates so that new
candidates can have the opportunity to join the airline industry.
(b) Investment and investment activities
The key form of investment operations for the company has additionally been based on
the different kinds of factors that are seen in the form of undertaking investments in the
communal programs. This has been observed to be seen to assist training and awareness
programs for the society so that they can be aware of the situations and can undertake various
steps in order to safeguard themselves. The organization has even undertaken steps like
creating airhostess and ground staff training programs with the help of which new candidates
can learn various activities and undertake plans that would be influential for making them
apply for jobs in the aviation industry as well (Powell 2016). In that manner the company can
bring in new candidates in the aviation industry by training these individuals effectively and
in that manner helping them establish themselves in the economy.
(c) Financing and financial activities
The key form of cash flows from the financial operations has been observed to be the
payment of dividends to their shareholders, payments of borrowing, capital return payment
and various other financial activities. The amount of dividend paid has been seen to be $
(1825) and $ (1218) for the year 2016 and 2015 (Qantas.com.au. 2017). Therefore, it can be

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said that Qantas has raised their level of investing operations from the previous year and this
has improved the position of the organization in the economy.
(d) Financial Reporting Practices
The construction of the financial report has been based with respect to the Australian
Accounting Standards Boards (AASB). The company has even tried to comply with the other
standards like the International Financial Reporting Standards (IFRS) that has been
constructed by the International Accounting Standards Board (IASB) (Danaher, Sajtos and
Danaher 2016). The Corporations Act of 2001 has even been used by the organization for the
preparation of the financial statements.
Part 2: Understanding the Industry
(a) Industrial Size
The private aviation industry in Australia is regulated by the government and this has led
to the development of the industry. There is a large segment of the Australian population who
are associated with the aviation industry and this has prompted the entry of various new
aviation companies in the market and in the same manner a significant rise in the number of
passengers and a significant rise in the frequency of travels by the passengers (Chang et al.
2014).
(b) Industry Growth
The key growth of the aviation industry has been the development of new and innovative
features and facilities that are provided by the various organizations functioning in the
aviation industry. The next suited development of the industry has been looked upon as the
variety of service providers who offer service in order to gain profit and to provide effective

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aviation services to their passengers. The figure below reveals the rise in the industrial
growth for the Australian aviation industry for this year till August.
Figure 1: Industry Growth
(Source: Reporter 2017).
(c) Industrial Supply Chain
The key form of industrial supply chain in the aviation industry has been found to be
significant determinants who are accountable for the degree of competition in the market.
(d) Key players in the market
One of the chief or the key players who are seen in the aviation industry of Australia
has been Qantas Airways Limited. They have a significant amount of market share. The
company that poses competes with Qantas in the Australian aviation industry has been Virgin

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Australia who have developed new and innovative strategies that has helped in realising the
degree of competition in the market.
(e) Market shares of the industry players
The key form of the market share that has been observed in the aviation industry out of
the overall industrial sector has been rising with the advent of time. During the time span of
2010 to 2013, Virgin had the highest degree of market share. However, from the year 2014,
the stats have changed and it has been observed that Qantas has been able to increase the
level of their market share and currently is the most competitive airline industry functioning
in Australia.
Figure 2: Market share of Qantas
(Source: Fournier 2014)

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Figure 3: Market Share
(Source: Logothetis and Miyoshi 2016)
(f) Critical success factors
There are various success factors that are seen to be available in the airline industry and it
has been observed that some of the key success factors of the industry have been additionally
seen to be based on accomplishing the equity aims and the objectives that are identical. The
mutual planning with the stakeholders of the organization in order to create a customer
centric process has been seen to be a key factor for success for the organizations (Forsyth
2016). The organization has tried to make use of the effective planning and mechanism with
the help of various promotional activities and new and improved features to the customers,

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which would attract the customers and lead to rise in the profit for the organization and in a
way lead to operational success for the organization.
(g) Major Threats
With the advent of time, the Australian government has been implementing various new
plans and policies that would be fundamental for the development of the aviation industry. It
has been observed that development of these plans and policies would lead to the
development of the aviation industry. The key threats and challenges that have been
recognised have been the problems pertaining to the threat of new entrants in the aviation
industry with the prosperity of the industry with the advent of time (Fröhlich et al. 2016). The
other major threat has been material risks that are associated with the aviation industry.
Part 3: Understanding the legal environment
The private and the public aviation industry have been subject to several kinds of the
laws that have been constructed under the Civil Aviation Legislation Amendment Act 2006.
This act has been fundamental for the development of the aviation industry and the control
and maintenance of the industry.
Part 4: Understanding the external environmental factors
The analysis of the environmental external factors have been observed to be
undertaken with the help of various tools and mechanisms that would be useful in evaluating
the market where the company functions thereby gaining knowledge about the competitors
and the other areas with the help of which certain plans and policies can be undertaken that
would be influential for the development of an effective plan (Gao et al. 2013). The various
tools that can be used involve PESTLE analysis, SWOT analysis and Porter’s five forces

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analysis. These are the key mechanisms that would help in gaining knowledge about the
external environment of the organization.
(a) PESTLE Analysis
This is a significant mechanism in breaking down the external environment of Qantas in
order to understand the performance of the organization and it assesses the ways in which
Qantas is influenced by the external environment. The PESTLE analysis for Qantas is
undertaken as follows:
Political: The political factors primarily demonstrates the impact of government over the
organizational performance and in regards to Qantas, their assessments reveal that the airline
company is confronted with governmental activities that are applied in various locations
where the company functions in Australia.
Economic: The economic factors additionally have a huge degree of impact over the degree
of performance of Qantas in the manner that falling economic performance of the economy of
Australia has even had an impact on the level of performance of Qantas by a significant
margin.
Social: The social scenario and patterns as general in regard to aviation industry have
additionally influenced the organizational performance of Qantas to a more significant
degree. An assessment of the aviation industry specifically demonstrates that it is influenced
by the communal patterns as predominant within which it recommends that there has been an
increased level of acceptance with respect to the falling cost air travel services by the
passengers (Madden 2014). This has influenced the airlines, like, Qantas which offers
premium class aviation travelling services to their customers.

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Technological: The technological factors affect the aviation industry in the manner that the
overall process of ticket reservation of the airlines is dependent on the online process of
reservation. Additionally, the evaluation of Qantas reveals that technological factors is
increasingly implied in accordance to Qantas and this has been seen from the fact that Qantas
became the first organization that has undertaken the procedure of landing with the
application of satellite technology which is dependent on the globalised landing process.
Environmental: The environmental factors have an influence in the aviation industry in the
manner that the airline regulatory boards and the management have constructed regulations
for handling the ineffective environmental initiatives by the airline companies (Cui et al.
2016). The evaluation of Qantas reveals that the company has the goal of achieving decline in
their pollution emission by 50% within the next 5 years. Currently, 95% of the carbon
footprint by Qantas has been created by their flying activities.
Legal: The legal factor has a significant level of impact on the organizational performance of
Qantas in the manner that there exists carbon tax that requires to be undertaken by the
organization from their performance and this tax on carbon indicates the legalised formality
that are requires to be undertaken by the aviation companies in order to perform successfully
in the Australian economy.
(b) Porter Five Forces
The five forces of Porter that has an impact on the performance of Qantas has been given
below:
Bargaining Power of the Buyers: The bargaining power of the buyers in the aviation
industry is more due to the fact that they have numerous options to choose from with respect
to travelling in premiere class services, at a lower cost and much more. There are numerous

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airline companies available in the Australian economy and in that manner raises the
bargaining power of the buyers.
Bargaining Power of the Suppliers: The bargaining power of the suppliers is very low in the
aviation industry as there is an existence of a larger number of suppliers that offers similar
products and services (Yang 2015). Due to this factor, Qantas has the authority to dominate
over the suppliers in order to gain products at a lower cost.
Threat of Substitute: In regard to the threat of substitute, it is brings down in regards to the
aviation industry since mode of air travelling is the quicker process for benefiting longer
distance travelling experience, which would have been impossible with the help of water and
road transport. Therefore, the substitute rate is low for Qantas.
Rivalry among Existing Firms: This has been vital in regards to the aviation industry in
Australia, as the present scenario infers that Qantas is contending directly with Virgin Airline
in the domestic market, and the rivalry is so intense that the aviation companies are facing
losses in their activities.
Threat of New Entry: In regard to the threat of new entry, the level has been low in the
industry predominantly for the fact that new organizations need huge investments as an
establishment cost for setting up the aviation company which would be tough to undertake.
(c) SWOT Analysis
The SWOT analysis of Qantas refers to the explanation of the strengths, weakness,
opportunities and threats. Each one of them will be discussed individually below:
Strengths: The significant strengths that Qantas have is their increasingly renowned brand
image as the company has been considered as the flagship aviation company established in
Australia. Furthermore, the company is the leader in the aviation industry in Australian

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economy with a market share of 65%. The focal power of the company has been their brand
image due to their quality services and on-time delivery.
Weakness: As far as weakness of Qantas is concerned, the significant weakness is essentially
been the falling degree of performance of the organization in spite of the company is the
leader in the market (Zou and Chen 2017). The assessment of the weaknesses of Qantas
additionally shows that the management of the firm is not that effective which has led to
faulty strategies of the organization.
Opportunity: The key opportunity accessible to Qantas is basically the capability of the
company to additionally undertake the expanding opportunities as and when accessible in the
industry. The only key action that is required from Qantas in respect to the transformations in
the strategies in accomplishing the opportunities of growth.
Threats: With respect to threats, the key threat for Qantas is the rising level of competition
especially in the domestic market from Virgin Australia.
Part 5 – Understand objectives, strategies and Assessing Business Risks
(a) Industry developments:
The developments involve vertical integration of the suppliers, training and expansion
programs and customer centric approach with the help of air travelling at a lower cost.
(b) New Products and Services
The new services include opening of newer travelling routes for the customers and the
establishment of various other amenities and facilities that would be influential for the
development of Qantas.

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(c) Expansion of the Business
The company is in the idea of expanding their business by stretching their wings outside
Australia and establishing themselves as one of the leading aviation company all over the
globe by establishing themselves in various other countries.
(d) New Accounting Requirement
This means figuring out for the transfers for absolute risk equalisation and investments
from various financial institutions.
(e) Regulatory Requirement
The main factor has been promoting the uptake of the consumer and renovating the
aviation industry and the services provided.
(f) Prospects for financing
The several kinds of requirements of finance have been maintaining a good relationship
with the shareholders and keeping relationships with the various financial institutions.
(g) Use of IT
The utilisation of IT equipments is undertaken in order to function their various activities
like online reservations, automated landing process, GPS services etc.
(h) The impact of incorporating a strategy
The implementation of a strategy has been helpful for the company as it hs led to
sustainable growth in the aviation industry and steady progress in innovation in the customer
centric approach.

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Part 6 – Performing Analytical Procedures to understand Entity’s Performance
The comparison of 3 year assessment process of Qantas has been undertaken with Virgin,
which is their main competitor.
Profitability Ratio Analysis:-
Qantas Virgin
Particulars 2016 2015 2014 2016 2015 2014
Revenue (A) 16,200 15,816 15,352 5021 4749.2 4306.6
Net Profit/Loss (D) 850 558 -2922 -224.7 -93.8 -353.8
Common Stock(H) 3260 3447 2866 899 1021 1048
Net Profit Margin (D/A) 5.25% 3.53% -19.03% -4.48% -1.98% -8.22%
Return on Equity (A/H)) 26% 16% -101.95% -25% -9% -34%
Table 1: Profitability Ratio Analysis
{Source: As Created By Author)
2016 2015 2014
-25.00%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
5.25% 3.53%
-19.03%
-4.48%
-1.98%
-8.22%
Net Profit Margin
Qantas
Virgin

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Figure 4: Net Profit Margin
{Source: As Created By Author)
2016 2015 2014 2016 2015 2014
-120%
-100%
-80%
-60%
-40%
-20%
0%
20%
40% 26% 16%
-102%
-25%
-9%
-34%
Return on Equity
Qantas
Virgin
Figure 5: Return on Equity
{Source: As Created By Author)
c) Short-Term Liquidity Ratio Analysis:-
Qantas Virgin
2016 2015 2014 2016 2015 2014
Total Current Assets (A) 3458 5049 4932 1713.7 1586 1234.9
Total Current Liabilities (F) 7028 7470 7525 2779.8 2299.8 1920.6
Current Ratio (A/F) 0.49 0.68 0.66 0.62 0.69 0.64
Table 2: Short-term Liquidity Ratio Analysis

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{Source: As Created By Author)
2016 2015 2014
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.62
0.69 0.64
0.49
0.68 0.66
Current Ratio
Virgin
Qantas
Figure 6: Current Ratio
{Source: As Created By Author)
2016 2015 2014 2016 2015 2014
Revenue (C) 16,200 15,816 15,352 5,021 4,749 4,307
Net Profit/Loss (D) 850 558 -2,922 -225 -94 -354
Total Liablilities (K) 1,688 1,699 1,580 2,780 2,300 1,921
Shareholder's Equity (J) 3,260 3,447 2,866 899 1,021 1,048
Operating Income (L) 352 377 313 559 -16 332
Total Current Assets (A) 3,458 5,049 4,932 1,714 1,586 1,235
Leverage Ratio (J/K) 0.52 0.49 0.55 3.09 2.25 1.83
Operating Margin (L/C) 2.17% 2.38% 2.04% 11.13% -0.34% 7.71%
Ratio for leverage and operating margin Analysis:-
Qantas Virgin
Table 3: Leverage and Operating Margin Ratio Analysis
{Source: As Created By Author)

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2016 2015 2014
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
0.52 0.49 0.55
3.09
2.25
1.83
Leverage Ratio
Qantas
Virgin
Figure 7: Leverage Ratio
{Source: As Created By Author)
2016 2015 2014
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
2.17% 2.38% 2.04%
11.13%
-0.34%
7.71%
Operating margin
Qantas
Virgin
Figure 8: Operating Margin
{Source: As Created By Author)

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The analysis of all the financial indicators have revealed that Qantas has been in a
better position financially than Virgin and this has led to the development of the organization
and expansion of the market share in the Australian aviation sector.
Part 7 – Understand management and Governance
(a) Enforcement and communication of the integrity and the ethical values
The central governance board of Qantas has been recognised as the key ethical attitude.
The various aspects of ethics considered by Qantas have been focus on the customers,
integrity, reporting and responsibility (Cui and Li 2015). The management of the company
has been observed to maintain a firm level of quality and integrity during the construction of
the financial statements.
(b) Commitment for competence
The significant responsibilities and the roles of the organization has been observed with
respect to maintenance of an efficient form impendence, remuneration, competency of the
auditors and appointment.
(c) Participation by the one who are charged with governance
The people who are charged with supervision and handling of the governance requires to
maintain their independence from the management. The stature and experience of the
personnel even needs to be checked so that they are competent enough to do their job
(Homsombat, Lei and Fu 2014). The degree of their involvement and the data they receive
and the level of scrutiny they undertake are even assessed in order to have an idea about the
how they perform their duties. The effectiveness of their actions is even evaluated in order to
construct the final result.

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(d) Philosophy of the management and the style of operation
The operating style and the philosophy of the management can be understood properly by
assessing the approach undertaken to handle the business risks, actions and attitudes for the
construction of the financial statement etc.
(e) Organizational Structure
The board of Qantas consists of non-executive directors, chairman, CEO, managing
director and various other directors as well.
(f) Allotment of Authority
The allotment is given by the higher level management who delegate the powers and the
functions that need to be performed by every management employees and staffs.
(g) HR practices and policies
The HR policies and practices include selection of the most effective employees who
would be ideal for the organization, training them effectively so that they can perform
effectively (King et al. 2013). The HR policies even try to satisfy their existent employees
with the help of various activities so that effective level of performance can be delivered by
the employees.

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Conclusion
The conclusion of the paper has revealed that Qantas Airways is the leader in the
aviation industry in Australia and the company with the help of various operational and
financial activities has been able to deliver performance that has satisfied the customers as
well as the stakeholders associated with them. The organization has been reaping profits and
has been under the impression of enhancing their operations with the help of self assessment
and analysis of the external environment as well.

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