Delta Airlines 2006 Annual Report Download - page 58

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareowners of
Delta Air Lines, Inc. (Debtor-in-Possession)
We have audited the accompanying consolidated balance sheet of Delta Air Lines, Inc. (Debtor-in-Possession) (the “Company”) as of December 31,
2006, and the related consolidated statements of operations, shareowners’ deficit, and cash flows for the year then ended. 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 audit.
We conducted our audit 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 audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Delta Air Lines,
Inc. (Debtor-in-Possession) at December 31, 2006, and the consolidated results of its operations and its cash flows for the year then ended, in conformity with
U.S. generally accepted accounting principles.
The accompanying consolidated financial statements have been prepared assuming that Delta Air Lines, Inc. (Debtor-in-Possession) will continue as a
going concern. As discussed in Note 1 to the consolidated financial statements, the Company filed a voluntary petition for reorganization under Chapter 11 of
the United States Bankruptcy Code on September 14, 2005 which raises substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans in regard to this matter are also described in Note 1. The consolidated financial statements do not include any adjustments to reflect the
possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this
uncertainty.
As discussed in Note 2 to the consolidated financial statements, in 2006 the Company changed its methods of accounting for postretirement benefit plans
and share-based compensation.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of Delta
Air Lines, Inc.’s (Debtor-in-Possession) internal control over financial reporting as of December 31, 2006, based on criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 1, 2007 expressed an
unqualified opinion thereon.
/s/ Ernst & Young LLP
Atlanta, Georgia
March 1, 2007
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