SkyWest Airlines 2015 Annual Report Download - page 153

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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, 2015, 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 EY 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.
What matters have members of the Audit and Finance Committee discussed with the independent registered
public accounting firm?
In its meetings with representatives of EY, the Audit and Finance Committee asked EY 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 EY prepared and been responsible for the financial statements?
• Based on EY’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?