Cathay Pacific 2010 Annual Report Download - page 49

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Cathay Pacific Airways Limited Annual Report 2010
47
To the shareholders of Cathay Pacific Airways Limited
(Incorporated in Hong Kong with limited liability)
We have audited the consolidated financial statements of
Cathay Pacific Airways Limited (“the Company”) and its
subsidiaries (together “the Group”) set out on pages 48
to 97, which comprise the consolidated and company
statements of financial position as at 31st December
2010, the consolidated statement of comprehensive
income, the consolidated and company statements 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
information.
Directors’ responsibility for the consolidated
financial statements
The directors of the Company are responsible for the
preparation of consolidated financial statements that give
a true and fair view in accordance with Hong Kong
Financial Reporting Standards issued by the Hong Kong
Institute of Certified Public Accountants and the Hong
Kong Companies Ordinance and for such internal control
as the directors determine is necessary to enable the
preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or
error.
Auditor’s responsibility
Our responsibility is to express an opinion on these
consolidated financial statements 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 about
whether the consolidated financial statements are free
from material misstatement.
Independent Auditor’s Report
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
consolidated financial statements. The procedures
selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of
the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s
preparation of the consolidated financial statements that
give a true and fair view 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 consolidated financial
statements. 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 financial statements give
a true and fair view of the state of affairs of the Company
and of the Group as at 31st December 2010 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
9th March 2011