SkyWest Airlines 2012 Annual Report Download - page 170

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 controls?
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
part of this review, the Audit and Finance Committee reviewed the bases for management’s conclusions
in that report, and also reviewed the report of the independent registered public accounting firm on
internal control over financial reporting. Throughout the year ended December 31, 2012, the Audit and
Finance Committee reviewed management’s plan for documenting and testing controls, the results of
their documentation and testing, any deficiencies discovered and the resulting remediation of any such
deficiencies.
What is the role of the Audit and Finance Committee in connection with the financial statements and
controls of the Company?
Management of the Company has primary responsibility for the Company’s financial statements
and internal control over the Company’s financial reporting. The Company’s independent registered
public accounting firm has responsibility for the integrated audit of the Company’s financial statements
and internal control over financial reporting. It is the responsibility of the Audit and Finance
Committee to oversee financial and control matters, among other responsibilities fulfilled by the Audit
and Finance Committee under its charter. The Audit and Finance Committee meets regularly with
representatives of E&Y and Protiviti, without the presence of management, to ensure candid and
constructive discussions about the Company’s compliance with accounting standards and best practices
among public companies comparable in size and scope to the Company. The Audit and Finance
Committee also regularly reviews with its outside advisors material developments in the law and
accounting literature that may be pertinent to the Company’s accounting financial reporting practices.
Does the Audit and Finance Committee have any policy-making responsibility?
From time to time, the Audit and Finance Committee establishes certain policies as required by
the rules of the Securities and Exchange Commission and the listing standards of The Nasdaq Global
Select Market. For example, the Audit and Finance Committee has established a policy for the receipt
and retention (including on an anonymous basis) of complaints about financial and control matters.
The 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.
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