JetBlue Airlines 2012 Annual Report Download - page 70

JETBLUE AIRWAYS CORPORATION-2012 10K66
PART II
ITEM 8Financial Statements and Supplementary Data
Report of Independent Registered Public AccountingFirm
The Board of Directors and Stockholders of
JetBlue Airways Corporation
We have audited JetBlue Airways Corporation’s internal control over
fi nancial reporting as of December31, 2012, based on criteria established
in Internal Control—Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (the COSO criteria).
JetBlue Airways Corporation’s management is responsible for maintaining
effective internal control over fi nancial reporting, and for its assessment of
the effectiveness of internal control over fi nancial reporting included in the
accompanying Management’s Report on Internal Control Over Financial
Reporting. Our responsibility is to express an opinion on the company’s
internal control over fi nancial reporting 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 effective internal control over fi nancial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over fi nancial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk, and performing such other procedures
as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.
A company’s internal control over fi nancial reporting is a process designed
to provide reasonable assurance regarding the reliability of fi nancial
reporting and the preparation of fi nancial statements for external purposes
in accordance with generally accepted accounting principles. A company’s
internal control over fi nancial reporting includes those policies and procedures
that (1)pertain to the maintenance of records that, in reasonable detail,
accurately and fairly refl ect the transactions and dispositions of the assets
of the company; (2)provide reasonable assurance that transactions are
recorded as necessary to permit preparation of fi nancial statements in
accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and
(3)provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company’s assets
that could have a material effect on the fi nancial statements.
Because of its inherent limitations, internal control over fi nancial reporting
may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
In our opinion, JetBlue Airways Corporation maintained, in all material
respects, effective internal control over fi nancial reporting as of December31,
2012, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the consolidated
balance sheets of JetBlue Airways Corporation as of December31,
2012 and 2011 and the related consolidated statements of operations,
comprehensive income, stockholders’ equity, and cash fl ows for each
of the three years in the period ended December31, 2012 of JetBlue
Airways Corporation and our report dated February20, 2013 expressed
an unqualifi ed opinion thereon.
/s/ Ernst & Young LLP
New York, New York
February20, 2013