United Airlines 2008 Annual Report Download - page 80

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholder of
United Air Lines, Inc.
Chicago, Illinois
We have audited the accompanying statements of consolidated financial position of United Air
Lines, Inc. and subsidiaries (the “Company”) as of December 31, 2008 and 2007, and the related
statements of consolidated operations, consolidated stockholder’s equity (deficit), and consolidated cash
flows for the years ended December 31, 2008 and 2007 and eleven months ended December 31, 2006
(Successor Company operations) and for the one month ended January 31, 2006 (Predecessor Company
operations). Our audits also included the financial statement schedule of the Successor Company for the
years ended December 31, 2008 and 2007 and eleven months ended December 31, 2006 and the
Predecessor Company for the one month ended January 31, 2006 as listed in the Index at Item 15. These
consolidated financial statements and financial statement schedule are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements and
financial statement schedule 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. The
Company is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, 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.
As discussed in Note 1 to the consolidated financial statements, on January 20, 2006, the
Bankruptcy Court entered an order confirming the plan of reorganization which became effective after
the close of business on February 1, 2006. Accordingly, the accompanying consolidated financial
statements have been prepared in conformity with AICPA Statement of Position 90-7, “Financial
Reporting by Entities in Reorganization Under the Bankruptcy Code,” for the Successor Company as a
new entity with assets, liabilities and a capital structure having carrying values not comparable with prior
periods as described in Note 1.
In our opinion, the Successor Company consolidated financial statements present fairly, in all
material respects, the financial position of United Air Lines, Inc. and subsidiaries as of December 31,
2008 and 2007, and the results of their operations and their cash flows for the years ended December 31,
2008 and 2007 and the eleven month period ended December 31, 2006 in conformity with accounting
principles generally accepted in the United States of America. Further, in our opinion, the Predecessor
Company consolidated financial statements present fairly, in all material respects, the results of
operations and cash flows of the Predecessor Company for the one month ended January 31, 2006, in
conformity with accounting principles generally accepted in the United States of America. Also, in our
opinion, such Successor Company financial statement schedule and Predecessor Company financial
statement schedule, when considered in relation to the basic consolidated financial statements taken as a
whole, present fairly in all material respects the information set forth therein.
As discussed in Note 1 to the consolidated financial statements on January 1, 2006, the Company
adopted Statement of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payment”
which changed the method of accounting for share based payments.
/s/ Deloitte & Touche LLP
Chicago, Illinois
March 2, 2009
80