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30 Cathay Pacific Airways Limited Annual Report 2003
Auditors’ Report
To the shareholders of Cathay Pacific Airways Limited (Incorporated in Hong Kong with limited liability)
We have audited the accounts on pages 31 to 65 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 solely to you, as a body, in accordance with Section 141 of the Hong Kong Companies Ordinance, and for
no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents
of this report.
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 Group’s
and the Company’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 Group and of the Company as at
31st December 2003 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, 10th March 2004