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40 Cathay Pacific Airways Limited Annual Report 2005
Auditors’ Report
To the shareholders of Cathay Pacific Airways Limited
(Incorporated in Hong Kong with limited liability)
We have audited the accounts on pages 41 to 85
which have been prepared in accordance with
accounting principles generally accepted in
Hong Kong.
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 Hong
Kong Standards on Auditing 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 2005 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 2006