Southwest Airlines 2008 Annual Report Download - page 93

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
THE BOARD OF DIRECTORS AND STOCKHOLDERS
SOUTHWEST AIRLINES CO.
We have audited the accompanying consolidated balance sheet of Southwest Airlines Co. as of
December 31, 2008 and 2007, and the related consolidated statement of income, stockholders’ equity, and cash
flows for each of the three years in the period ended December 31, 2008. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with the 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 financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Southwest Airlines Co. at December 31, 2008 and 2007, and the consolidated
results of its operations and its cash flows for each of the three years in the period ended December 31, 2008, in
conformity with U.S. generally accepted accounting principles.
As discussed in Note 11 to the consolidated financial statements, on January 1, 2008, the Company adopted
the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” for
financial instruments.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Southwest Airlines Co.’s internal control over financial reporting as of December 31, 2008,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated January 29, 2009 expressed an unqualified
opinion thereon.
/s/ E
RNST
&Y
OUNG
LLP
Dallas, Texas
January 29, 2009
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