Royal Caribbean Cruise Lines 2012 Annual Report Download - page 70

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66
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS
OF ROYAL CARIBBEAN CRUISES, LTD.
In our opinion, the accompanying consolidated bal-
ance sheets and the related consolidated statements
of comprehensive income (loss), 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, 2012 and 2011,
and the results of their operations and their cash
flows for each of the three years in the period ended
December 31, 2012 in conformity with accounting
principles generally accepted in the United States
of America. Also in our opinion, the Company main-
tained, in all material respects, effective internal con-
trol over financial 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
(COSO). The Company’s management is responsible
for these financial statements, for maintaining effec-
tive 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
misstatement 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 sup-
porting the amounts and disclosures in the financial
statements, assessing the accounting principles used
and significant estimates made by management,
and evaluating the overall financial statement pre-
sentation. 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 assur-
ance regarding the reliability of financial reporting
and the preparation of financial statements for exter-
nal 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
preparation 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 preven-
tion 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 conditions, or that the degree of compli-
ance with the policies or procedures may deteriorate.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Miami, Florida
February 25, 2013