Royal Caribbean Cruise Lines 2014 Annual Report Download - page 69

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68 Royal Caribbean Cruises Ltd.
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 balance
sheets and the related consolidated statements of
comprehensive income (loss), cash flows and share-
holders’ equity present fairly, in all material respects,
the financial position of Royal Caribbean Cruises Ltd.
and its subsidiaries at December 31, 2014 and 2013,
and the results of their operations and their cash
flows for each of the three years in the period ended
December 31, 2014 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, 2014,
based on criteria established in Internal Control—
Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commis-
sion (COSO). The Company’s management is respon-
sible for these financial statements, for maintaining
effective internal control over financial reporting and
for its assessment of the effectiveness of internal con-
trol 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 report-
ing 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 finan-
cial reporting was maintained in all material respects.
Our audits of the financial statements included exam-
ining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing
the accounting principles used and significant esti-
mates made by management, 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 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 23, 2015