Royal Caribbean Cruise Lines 2001 Annual Report Download - page 53

Royal Caribbean Cruises Ltd. 51
Management’s Responsibility
for Financial Statements
The accompanying financial statements of Royal Caribbean
Cruises Ltd. were prepared by management, which is
responsible for their integrity and objectivity. The statements
were prepared in accordance with generally accepted accounting
principles and include amounts that are based on management’s
best judgments and estimates. The other financial information
included in this annual report is consistent with that in the
financial statements.
The Company maintains a system of internal control to assure
the proper authorization of transactions, the safeguarding
of assets and the reliability of the financial records. Royal
Caribbean Cruises Ltd. maintains an internal auditing program
that independently assesses the effectiveness of our internal
controls and recommends possible improvements. Management
believes that Royal Caribbean Cruises Ltd. maintains an
effective system of internal control.
The financial statements of the Company have been audited by
PricewaterhouseCoopers LLP, independent auditors. Their
accompanying report is based upon an audit conducted in
accordance with auditing standards generally accepted in the
United States of America, including the related review of internal
accounting controls and financial reporting matters.
The Audit Committee of the Board of Directors, consisting
solely of outside directors, meets periodically with the
independent auditors, the internal auditors and representatives
of management to discuss auditing and financial reporting
matters. Both the Company’s independent auditors and the
internal auditors have free access to the Audit Committee.
Tor B. Arneberg
Chairman, Audit Committee
Richard D. Fain Richard J. Glasier
Chairman and Executive Vice President and
Chief Executive Officer Chief Financial Officer
Report of Independent
Certified Public Accountants
To the Shareholders and Directors
of Royal Caribbean Cruises Ltd.:
In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of operations, of cash
flows and of shareholders’ equity present fairly, in all material
respects, the financial position of Royal Caribbean Cruises Ltd.
and its subsidiaries at December 31, 2001 and 2000, and the
results of their operations and their cash flows for each of the
three years in the period ended December 31, 2001, in
conformity with accounting principles generally accepted in the
United States of America. These financial statements are the
responsibility of the Company’s management; our responsi-
bility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these state-
ments in accordance with auditing standards generally
accepted in the United States of America, which 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 finan-
cial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Miami, Florida
January 25, 2002, except for Note 3 which is
as of February 14, 2002