Delta Airlines 2005 Annual Report Download - page 64

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Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareowners of Delta Air Lines, Inc.
Atlanta, Georgia
We have audited the accompanying consolidated balance sheets of Delta Air Lines, Inc. (Debtor and Debtor-in-Possession) and
subsidiaries (the "Company") as of December 31, 2005 and 2004, and the related consolidated statements of operations, cash flows,
and shareowners' deficit for each of the three years in the period ended December 31, 2005. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such consolidated financial statements referred to above present fairly, in all material respects, the financial
position of Delta Air Lines, Inc. (Debtor and Debtor-in-Possession) and subsidiaries at December 31, 2005 and 2004, and the results
of their operations and their cash flows for each of the three years in the period ended December 31, 2005, in conformity with
accounting principles generally accepted in the United States of America.
As discussed in Notes 1 and 2, the Company has filed for reorganization under Chapter 11 of the United States Bankruptcy Code.
The accompanying financial statements do not purport to reflect or provide for the consequences of the bankruptcy proceedings. In
particular, such financial statements do not purport to show (a) as to assets, their realizable value on a liquidation basis or their
availability to satisfy liabilities; (b) as to prepetition liabilities, the amounts that may be allowed for claims or contingencies, or the
status and priority thereof; (c) as to shareowner accounts, the effect of any changes that may be made in the capitalization of the
Company; or (d) as to operations, the effect of any changes that may be made in its business.
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going
concern. As discussed in Note 2 to the consolidated financial statements, the Company's recurring losses, labor issues and its
bankruptcy filing result in uncertainty regarding the realization of assets and satisfaction of liabilities, without substantial adjustments
and/or changes in ownership, and raise substantial doubt about the Company's ability to continue as a going concern. Management's
plans concerning these matters are described in Note 1. The consolidated financial statements do not include adjustments that might
result from the outcome of this uncertainty.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
effectiveness of the Company's internal control over financial reporting as of December 31, 2005, based on the criteria established in
Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and
our report dated March 27, 2006 expressed an unqualified opinion on management's assessment of the effectiveness of the Company's
internal control over financial reporting and an unqualified opinion on the effectiveness of the Company's internal control over
financial reporting.
/s/ DELOITTE & TOUCHE LLP
Atlanta, Georgia
March 27, 2006 F-2