US Airways 2004 Annual Report Download - page 44

Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
America West Holdings Corporation:
We have audited the accompanying consolidated balance sheets of America West Holdings Corporation and subsidiary as of December 31, 2004 and 2003,
and the related consolidated statements of operations, cash flows and stockholders' equity and comprehensive income for the years then ended. These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of America West Holdings
Corporation and subsidiary as of December 31, 2004 and 2003, and the results of their operations and their cash flows for the years then ended, in conformity
with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of America
West Holdings Corporation's internal control over financial reporting as of December 31, 2004, based on criteria established in Internal Control—Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 11, 2005, expressed an
unqualified opinion on management's assessment of, and an adverse opinion on the effective operation of, internal control over financial reporting.
As discussed in Note 2 to the accompanying consolidated financial statements, the Company has restated the consolidated balance sheet as of December 31,
2003 and the consolidated statement of changes in stockholders' equity and comprehensive income for the year then ended. As discussed in Note 13 to the
accompanying consolidated financial statements, the Company restated its dilutive earnings per share for the year ended December 31, 2003 in connection
with the adoption of Emerging Issue Task Force 04-8, "The Effect of Contingently Convertible Instruments on Diluted Earnings Per Share".
/s/ KPMG LLP
Phoenix, Arizona
March 11, 2005
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