SkyWest Airlines 2004 Annual Report Download - page 53

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51
Report of Management on Internal Control over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as
defined in Rules 13a-15(f) and 15d-(f) under the Securities Exchange Act of 1934. The 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 accounting principles generally accepted in the United States of
America. Internal control over financial reporting includes those written policies and procedures that:
xpertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of assets of the Company;
xprovide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with accounting principles generally accepted in the United States of America;
xprovide reasonable assurance that receipts and expenditures of the Company are being made only in accordance
with authorization of management of the Company; and
xprovide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of assets that could have a material effect on the Company’s consolidated financial statements.
Internal control over financial reporting includes the controls themselves, monitoring and internal auditing practices and actions
taken to correct deficiencies as identified.
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 compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004.
Management based this assessment on criteria for effective internal control over financial reporting described in “Internal Control
– “Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management’s
assessment included an evaluation of the design of the Company’s internal control over financial reporting and testing of the
operational effectiveness of its internal control over financial reporting. The Company’s management reviewed the results of its
assessment with the Audit Committee of the Company’s Board of Directors.
Based on this assessment, the Company’s management determined that, as of December 31, 2004, the Company maintained
effective internal control over financial reporting.
Ernst & Young LLP, independent registered public accounting firm, who audited and reported on the consolidated financial
statements of the Company included this Report, has issued an attestation report on management’s assessment of internal control
over financial reporting. This report appears on page 52 of this Report.