United Airlines 2010 Annual Report Download - page 79

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholder of
United Air Lines, Inc.
We have audited the accompanying consolidated balance sheet of United Air Lines, Inc. (the “Company”) as of
December 31, 2010, and the related statements of consolidated operations, common stockholder’s equity
(deficit), and cash flows for the year then ended. Our audits 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. We were not engaged to perform an audit of
the Company’s internal control over financial reporting. Our audit 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 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.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
February 22, 2011
77