This excerpt taken from the AYR DEF 14A filed Apr 3, 2009.
AUDIT COMMITTEE REPORT
The Audit Committee of the Board which is comprised of three Independent Directors operates pursuant to a written charter, which was adopted in August 2006 and which is available at http://www.aircastle.com under Investors-Corporate Governance.
The Audit Committee reviewed Aircastles audited consolidated financial statements as of and for the year ended December 31, 2008 and discussed these financial statements with Aircastles management, including a discussion of the quality and the acceptability of the accounting principles, the reasonableness of significant judgments and estimates, and the clarity and completeness of disclosures in the financial statements. Aircastles independent registered public accounting firm, Ernst & Young LLP, is responsible for performing an independent audit of Aircastles financial statements in accordance with the standards of the Public Accounting Oversight Board (United States) and for issuing a report on their audit of the financial statements. The Audit Committees responsibility is to monitor and review these processes. The Audit Committee also reviewed and discussed with Ernst & Young LLP the audited financial statements and the matters required by Statement on Auditing Standards No. 61, as amended (Communication with Audit Committees), and other matters the Committee deemed appropriate.
The Audit Committee has received the written disclosures and the letter from Ernst & Young required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountants communications with the Audit Committee concerning independence, as modified or supplemented, and has discussed with Ernst & Young its independence. The Audit Committee also considered whether the independent auditors provision of other, non-audit related services to Aircastle is compatible with maintaining such auditors independence.
Based on its discussions with management and Ernst & Young LLP, and its review of the representations and information provided by management and Ernst & Young LLP, the Audit Committee recommended to Aircastles Board of Directors that the audited financial statements be included in Aircastles Annual Report on Form 10-K for the year ended December 31, 2008. In addition, the Audit Committee has also recommended, subject to shareholder approval, the appointment of Ernst & Young as the Companys Independent Registered Public Accounting Firm for the fiscal year ended December 31, 2009.
The Audit Committee
Ronald L. Merriman, Chair
Ronald W. Allen
Douglas A. Hacker
This excerpt taken from the AYR DEF 14A filed Apr 16, 2008.
AUDIT COMMITTEE REPORT