Cathay Pacific 2001 Annual Report Download - page 28

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26 Cathay Pacific Airways Limited Annual Report 2001
We have audited the accounts on pages 27 to 61 which have been prepared in accordance with accounting principles
generally accepted in Hong Kong, save as explained in accounting policy 4 on page 27.
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 2001 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, 6th March 2002
AUDITORS’ REPORT
To the shareholders of Cathay Pacific Airways Limited (Incorporated in Hong Kong with limited liability)