SkyWest Airlines 2012 Annual Report Download - page 171

Download and view the complete annual report

Please find page 171 of the 2012 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 180

  • 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
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180

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 applicable 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, 2012.
What has the Audit & Finance Committee done with regard to the Company’s audited financial
statements for the year ended December 31, 2012?
The Audit and Finance Committee has:
• Reviewed and discussed the Company’s 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 and as adopted by the
Public Company Accounting Oversight Board.
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 regarding the
accounting firm’s independence required by PCAOB Ethics and Independence Rule 3526,
Communication with Audit Committees Concerning Independence, and has discussed with E&Y their
independence. The Audit and Finance Committee has concluded that E&Y is independent from the
Company and its management.
49