Southwest Airlines 2004 Annual Report Download - page 68

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
THE BOARD OF DIRECTORS AND SHAREHOLDERS
SOUTHWEST AIRLINES CO.
We have audited the accompanying consolidated balance sheets of Southwest Airlines Co. as of December 31,
2004 and 2003, and the related consolidated statements of income, stockholders' equity, and cash Öows for each of the
three years in the period ended December 31, 2004. These Ñnancial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these Ñnancial statements based on our audits.
We conducted our audits in accordance with the auditing standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the Ñnancial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the Ñnancial statements. An audit also includes assessing the
accounting principles used and signiÑcant estimates made by management, as well as evaluating the overall Ñnancial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the Ñnancial statements referred to above present fairly, in all material respects, the consolidated
Ñnancial position of Southwest Airlines Co. at December 31, 2004 and 2003, and the consolidated results of its
operations and its cash Öows for each of the three years in the period ended December 31, 2004, in conformity with
United States generally accepted accounting principles.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the eÅectiveness of Southwest Airlines Co.'s internal control over Ñnancial reporting as of
December 31, 2004, based on criteria established in Internal Control Ì Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 2, 2005
expressed an unqualiÑed opinion thereon.
E
RNST
& Y
OUNG
LLP
Dallas, Texas
February 2, 2005
50