Cathay Pacific 2009 Annual Report Download - page 49

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Independent Auditor’s Report
To the shareholders of Cathay Pacific Airways Limited
(Incorporated in Hong Kong with limited liability)
We have audited the consolidated accounts of Cathay
Pacific Airways Limited (the “Company”) set out on
pages 48 to 97, which comprise the consolidated and
company statements of financial position as at 31st
December 2009, and the consolidated statement of
comprehensive income, the consolidated and company
statements of changes in equity and the consolidated
statement of cash flows for the year then ended, and a
summary of significant accounting policies and other
explanatory notes.
Directors’ responsibility for the accounts
The Directors of the Company are responsible for the
preparation and the true and fair presentation of these
accounts in accordance with Hong Kong Financial
Reporting Standards issued by the Hong Kong Institute
of Certified Public Accountants and the Hong Kong
Companies Ordinance. This responsibility includes
designing, implementing and maintaining internal
control relevant to the preparation and the true and fair
presentation of accounts that are free from material
misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies; and
making accounting estimates that are reasonable in
the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these
accounts based on our audit. This report is made solely to
you, as a body, in accordance with Section 141 of the
Hong Kong Companies Ordinance, and for no other
purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of
this report.
We conducted our audit in accordance with Hong Kong
Standards on Auditing issued by the Hong Kong Institute
of Certified Public Accountants. Those standards require
that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance as to
whether the accounts are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
accounts. The procedures selected depend on the
auditor’s judgement, including the assessment of the
risks of material misstatement of the accounts, whether
due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the
entity’s preparation and true and fair presentation of the
accounts in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the
Directors, as well as evaluating the overall presentation of
the accounts.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated accounts give a true and
fair view of the state of affairs of the Group and of the
Company as at 31st December 2009 and of the Group’s
profit and cash flows for the year then ended in
accordance with Hong Kong Financial Reporting
Standards and have been properly prepared in accordance
with the Hong Kong Companies Ordinance.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
10th March 2010
Cathay Pacific Airways Limited Annual Report 2009 47