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Auditors’ Report
32 Cathay Pacific Airways Limited 2004 Annual Report
To the shareholders of Cathay Pacific Airways Limited
(Incorporated in Hong Kong with limited liability)
We have audited the accounts on pages 33 to
65 which have been prepared in accordance with
accounting principles generally accepted in Hong
Kong, save as explained in accounting policy 4 on
pages 34 and 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 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 Institute of Certified Public 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 2004
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, 9th March 2005