Royal Caribbean Cruise Lines 2008 Annual Report Download - page 57

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Royal Caribbean Cruises Ltd. F-2
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS
OF ROYAL CARIBBEAN CRUISES, LTD.
In our opinion, the accompanying consolidated balance sheets and the
related consolidated statements of operations, shareholders’ equity and
cash flows present fairly, in all material respects, the financial position of
Royal Caribbean Cruises, Ltd. and its subsidiaries at December 31, 2008
and December 31, 2007, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2008
in conformity with accounting principles generally accepted in the United
States of America. Also in our opinion, the Company maintained, in all
material respects, effective internal control over financial reporting as of
December 31, 2008, based on criteria established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organiza-
tions of the Treadway Commission (COSO). The Company’s management
is responsible for these financial statements, for maintaining effective
internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting, included in
Management’s Report on Internal Control Over Financial Reporting
appearing under Item 9A. Our responsibility is to express opinions
on these financial statements and on the Company’s internal control
over financial reporting based on our integrated 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 audits to obtain reasonable assurance
about whether the financial statements are free of material misstate-
ment and whether effective internal control over financial reporting
was maintained in all material respects. Our audits of the financial
statements included examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage-
ment, and evaluating the overall financial statement presentation. Our
audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the
risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed
risk. Our audits also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audits
provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those
policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit prepara-
tion of financial 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 (iii) 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 financial statements.
Because of its inherent limitations, internal control over financial
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 condi-
tions, or that the degree of compliance with the policies or procedures
may deteriorate.
PricewaterhouseCoopers LLP
Miami, Florida
February 23, 2009
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM