The companies have been highly competitive, though the performance gap between them has tended to widen from early 2006 in January to March. The Virgin share price outperformed the S&P/ASX 200 index by 10 percentage points while the Qantas Group underperformed the Index by 6.5 percentage points. Eighty-five percent of the Australian population can access Virgin online. Apart from its successful efforts to acquire Cellar masters to enhance its multichannel liquor offer, some of its openings are the Australian Airline. In 2001, one study estimated that Virgin had approximately 38 percent of the Australian hospitality market and the Quantas Group about 34 percent.

While this makes the audit job easier to perform, it implies that the pharmaceutical firm’s financial statements are not a very timely source of information on the company’s research activities, and the auditor’s service is less valuable. Firm management will have to use other ways of providing credible information to investors on its research.
Typical data sets which are usually put in comparison when conducting the analytical review include:
Actual financial results compared to budgeted or projected figures compiled before that accounting period. How do actual results compare to management estimates before the accounting period?
9. What do the statements of cash flows and changes in equity indicate regarding the strengths and weaknesses of each company’s financial performance and position?
The below financial statements provide information on the financial activities of Virgin and Qantas. Much like the performance statistics from an athletic contest, they provide an array of identifying data on various historical strengths and weaknesses across a broad spectrum of business activities. The income statement, or profit and loss statement, measure flows of costs, revenue, and profits over a defined period