SkyWest Airlines 2006 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2006 SkyWest Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

45
Reportof Independent Registered Public Accounting Firm
TheBoard of Directors andStockholders
SkyWest, Inc.
We have auditedthe accompanyingconsolidated balancesheets of SkyWest, Inc. andsubsidiaries as
of December31,2006 and 2005, and the related consolidatedstatements of income,stockholders’equity
and comprehensive income, and cash flows for each of thethree years in theperiod ended December 31,
2006. These financial statements are the responsibility of theCompany’s management. Our responsibility is
to expressan opiniononthese financialstatements basedonour audits.
We conducted our auditsin accordance with the standards of thePublic Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements arefree of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includesassessing the accounting principlesused and significant estimates made
by management, as well as evaluatingthe overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In ouropinion, the financial statements referred to above present fairly, in allmaterial respects, the
consolidated financial position of SkyWest, Inc. and subsidiaries at December 31,2006 and 2005, and the
consolidated results of their operations and their cash flows for each of the threeyears in the period ended
December 31,2006, in conformity with U.S generally accepted accountingprinciples.
As discussedin Notes 1 and 6 to the consolidated financial statements, effective January 1, 2006
SkyWest, Inc. and subsidiaries adopted Statement of Financial AccountingStandardNo. 123(R), Share-
Based Payment.
We also have audited, in accordance with thestandards of the Public Company Accounting Oversight
Board (United States), the effectiveness of SkyWest, Inc.’s internal control over financial reporting as of
December 31,2006, based on criteria established in Internal Control-Integrated Framework issued by the
Committeeof Sponsoring Organizations of theTreadway Commission and ourreport dated February 27,
2007 expressed an unqualified opinion thereon.
/s/ E RNST &YOUNG LLP
Salt Lake City, Utah
February 27, 2007