Cathay Pacific 2000 Annual Report Download - page 35

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CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 33
Auditors’ Report
To the shareholders of Cathay Pacific Airways Limited (Incorporated in Hong Kong with limited liability)
We have audited the accounts on pages 34 to 73 which have been prepared in accordance with
accounting principles generally accepted in Hong Kong, save as explained in accounting policy 4 on
page 35.
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 of the state of affairs of the Company and of the
Group as at 31st December 2000 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, 7th March 2001