Cathay Pacific 1999 Annual Report Download - page 27

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31CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1999
Auditors’ Report
To the shareholders of Cathay Pacific Airways Limited (Incorporated in Hong Kong with limited liability)
We have audited the accounts on pages 32 to 63 which have been prepared in accordance with accounting principles
generally accepted in Hong Kong, save as explained in accounting policy 4 on page 32.
Respective responsibilities of directors and auditors
The Hong Kong Companies Ordinance requires the Directors to prepare accounts which give a true and fair view.
In preparing accounts which give a true and fair view it is fundamental that appropriate accounting policies are selected and
applied consistently, that judgements and estimates are made which are prudent and reasonable and that the reasons for any
significant departure from applicable accounting standards are stated.
It is our responsibility to form an independent opinion, based on our audit, on those accounts and to report our opinion
to you.
Basis of opinion
We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Society of
Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
accounts. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation
of the accounts, and of whether the accounting policies are appropriate to the Company’s and the Group’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary
in order to provide us with sufficient evidence to give reasonable assurance as to whether the accounts are free from material
misstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the
accounts. We believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion the accounts give a true and fair view, in all material respects, of the state of affairs of the Company and
of the Group as at 31st December 1999 and of the Group’s profit and cash flows for the year then ended and have been
properly prepared in accordance with the Hong Kong Companies Ordinance.
KPMG
Certified Public Accountants
Hong Kong, 8th March 2000