SkyWest Airlines 2008 Annual Report Download - page 138

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Audit and Finance Committee also has implemented a policy that addresses when the Company may
recruit personnel who formerly were employed by the Company’s independent registered public
accounting firm. In other cases, the Audit and Finance Committee is responsible for overseeing the
efficacy of management policies, including compliance with the Company’s Code of Ethics and the
availability of perquisites.
What matters have members of the Audit and Finance Committee discussed with the independent
registered public accounting firm?
In its meetings with representatives of E&Y, the Audit and Finance Committee asked E&Y to
address and discuss their responses to several questions that they believed were particularly relevant to
its oversight. These questions included:
• Are there any significant judgments made by management in preparing the financial statements
that would have been made differently had E&Y prepared and been responsible for the financial
statements?
• Based on E&Y’s experience, and their knowledge of the Company, do the Company’s financial
statements fairly present to investors, with clarity and completeness, the Company’s financial
position and performance for the reporting period in accordance with GAAP and Securities and
Exchange Commission disclosure requirements?
• Based on E&Y’s experience, and their knowledge of the Company, has the Company
implemented internal controls and internal audit procedures that are appropriate for the
Company?
• During the course of the fiscal year, has E&Y received any communication or discovered any
information indicating any improprieties with respect to the Company’s accounting and reporting
procedures or reports?
The Audit and Finance Committee has also discussed with E&Y that they are retained by the
Audit and Finance Committee and that they must raise any concerns about the Company’s financial
reporting and procedures directly with the Audit and Finance Committee. Based on these discussions
and its discussions with management, the Audit and Finance Committee believes it has a basis for its
oversight judgments and for recommending that the Company’s audited financial statements be
included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.
What has the Audit & Finance Committee done with regard to the Company’s audited financial
statements for the year ended December 31, 2008?
The Audit and Finance Committee has:
• Reviewed and discussed the audited financial statements with the Company’s management; and
• Discussed with E&Y the matters required to be discussed by Statement on Auditing Standards
No. 61, Communication with Audit and Finance Committees, as amended.
Has the Audit and Finance Committee considered the independence of the Company’s independent
registered public accounting firm?
The Audit and Finance Committee has received from E&Y the written disclosures and the letter
required by Independence Standards Board Standard No. 1, Independence Discussions with Audit and
Finance Committees, and has discussed with the firm its independence. The Audit and Finance
Committee has concluded that E&Y is independent from the Company and its management.
38