SkyWest Airlines 2009 Annual Report Download - page 156

determined that W. Steve Albrecht, who served on the Audit and Finance Committee through June 30,
2009, was an ‘‘audit committee financial expert’’ during the time he served on the Audit and Finance
Committee, and Robert G. Sarver, who served on the Audit and Finance Committee throughout the
year ended December 31, 2009, is an ‘‘audit committee financial expert’’ as defined in Item 401(h)
(2) of Regulation S-K promulgated under the Exchange Act.
What document governs the activities of the Audit and Finance Committee?
The Audit and Finance Committee acts under a written charter, which sets forth its responsibilities
and duties, as well as requirements for the Audit and Finance Committee’s composition and meetings.
The Audit and Finance Committee charter is available on the Company’s website at www.SkyWest.com,
and is also available in print, free of charge, upon request. Requests for a printed copy of the Audit
and Finance Committee charter should be submitted to Eric D. Christensen, Corporate Secretary of
the Company, at 444 South River Road, St. George, Utah 84790.
How does the Audit and Finance Committee conduct its meetings?
During the year ended December 31, 2009, the Audit and Finance Committee met with the senior
members of the Company’s financial management team at each of its regular scheduled quarterly
meetings. The Audit and Finance Committee also met with representatives of Ernst & Young
(‘‘E&Y’’), the Company’s independent registered public accounting firm, at each of its in-person
meetings and met with representatives of Protiviti, Inc. (‘‘Protiviti’’), the Company’s principal internal
auditor, at several of the meetings. Agendas for the Audit and Finance Committee’s meetings are
established by the Chairman of the Audit and Finance Committee, after consultation with the CFO. At
those meetings, the Audit and Finance Committee reviewed and discussed various financial and
regulatory issues, accounting and financial management issues, developments in the accounting
profession, as well as the Company’s industry, risk management and a summary of calls received on the
Company’s anonymous reporting line. The Audit and Finance Committee also had separate, executive
sessions from time to time with representatives of E&Y, the CFO, Protiviti and the Company’s legal
counsel, at which meetings candid discussions of financial management, accounting, internal controls
and legal and compliance issues took place. Additionally, the Chairman of the Audit and Finance
Committee had separate discussions regularly with the CFO and representatives of E&Y, Protiviti and
the Company’s legal counsel.
Does the Audit and Finance Committee review the periodic reports and other public financial
disclosures of the Company?
The Audit and Finance Committee reviews each of the Company’s quarterly and annual reports,
including Management’s Discussion and Analysis of Financial Condition and Results of Operations. As
part of this review, the Audit and Finance Committee discusses the reports with the Company’s
management and independent registered public accounting firm and considers the audit and review
reports prepared by the independent registered public accounting firm about the Company’s quarterly
and annual reports, as well as related matters such as the quality (and not just the acceptability) of the
Company’s accounting practices, alternative methods of accounting under generally accepted accounting
principles in the United States (‘‘GAAP’’) and the preferences of the independent registered public
accounting firm in this regard, the Company’s critical accounting policies and the clarity and
completeness of the Company’s financial and other disclosures.
Did the Audit and Finance Committee play any role in connection with the Company’s report on
internal control?
The Audit and Finance Committee reviewed management’s report on internal control over
financial reporting, required under Section 404 of the Sarbanes Oxley Act of 2002 and related rules. As
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