United Airlines 2010 Annual Report Download - page 77

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
United Continental Holdings, Inc.
We have audited the accompanying consolidated balance sheet of United Continental Holdings, Inc. (the
“Company”) as of December 31, 2010, and the related statements of consolidated operations, common
stockholders’ equity (deficit), and cash flows for the year then ended. Our audit also included the financial
statement schedule listed in the Index at Item 15(a) for the year ended December 31, 2010. These 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 audit.
We conducted our audit 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 audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of the Company at December 31, 2010, and the consolidated results of its
operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting
principles. Also, in our opinion, such financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set
forth therein.
As discussed in Note 2 to the consolidated financial statements, the Company has elected to change its method of
accounting for frequent flyer award breakage in 2010.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2010, based on
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 22, 2011 expressed an unqualified
opinion thereon.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
February 22, 2011
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