Air Canada 2006 Annual Report Download - page 71

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Independent Auditors’ Report
To the Shareholders of Air Canada
We have audited the combined consolidated statements of nancial position of Air Canada as at December 31, 2006 and
December 31, 2005 and the combined consolidated statements of operations, decit and cash ows for the years then ended.
These combined consolidated nancial statements are the responsibility of the company’s management. Our responsibility is
to express an opinion on these combined consolidated nancial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that
we plan and perform an audit to obtain reasonable assurance whether the combined consolidated nancial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
combined consolidated nancial statements. An audit also includes assessing the accounting principles used and signicant
estimates made by management, as well as evaluating the overall combined consolidated nancial statement presentation.
In our opinion, these combined consolidated nancial statements present fairly, in all material respects, the combined
consolidated nancial position of the company as at December 31, 2006 and December 31, 2005 and the results of
its operations and its cash ows for the years then ended in accordance with Canadian generally accepted
accounting principles.
Chartered Accountants
Montreal, Quebec
February 13, 2007
71