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Cathay Pacific Airways Limited Annual Report 2006
44
Independent Auditor’s Report
To the shareholders of Cathay Pacific Airways Limited
(Incorporated in Hong Kong with limited liability)
We have audited the consolidated accounts of Cathay
Pacific Airways Limited (the “Company”) set out on
pages 45 to 89, which comprise the consolidated
and company balance sheets as at 31st December
2006, and the consolidated profit and loss account,
the consolidated statement of changes in equity and
the consolidated cash flow statement for the year
then ended, and a summary of significant accounting
policies and other explanatory notes.
Directors’ responsibility for the accounts
The Directors of the Company are responsible for
the preparation and the true and fair presentation
of these accounts in accordance with Hong Kong
Financial Reporting Standards issued by the Hong
Kong Institute of Certified Public Accountants and the
Hong Kong Companies Ordinance. This responsibility
includes designing, implementing and maintaining
internal control relevant to the preparation and the
true and fair presentation of accounts that are free
from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting
policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these
accounts based on our audit. This report is made
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.
We conducted our audit in accordance with Hong
Kong Standards on Auditing issued by the Hong
Kong Institute of Certified Public Accountants.
Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance as to whether the accounts are
free from material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures
in the accounts. The procedures selected depend on
the auditor’s judgement, including the assessment of
the risks of material misstatement of the accounts,
whether due to fraud or error. In making those risk
assessments, the auditor considers internal control
relevant to the entity’s preparation and true and fair
presentation of the accounts in order to design audit
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well
as evaluating the overall presentation of the accounts.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated accounts give a true
and fair view of the state of affairs of the Group and
of the Company as at 31st December 2006 and of the
Group’s profit and cash flows for the year then ended
in accordance with Hong Kong Financial Reporting
Standards and have been properly prepared in
accordance with the Hong Kong Companies Ordinance.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
7th March 2007