Delta Airlines 2006 Annual Report Download - page 59

REPORT OF INDEPENDENT REGISTERED ACCOUNTING FIRM
To the Board of Directors and Shareowners of Delta Air Lines, Inc.
Atlanta, Georgia
We have audited the accompanying consolidated balance sheet of Delta Air Lines, Inc. (Debtor and Debtor-in -Possession) and subsidiaries (the
“Company”) as of December 31, 2005, and the related consolidated statements of operations, cash flows, and shareowners’ deficit for each of the two 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 the results of their operations and their cash flows for each of the two
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.
/s/ Deloitte & Touche LLP
Atlanta, Georgia
March 27, 2006
F-3