Air Canada 2007 Annual Report Download - page 78

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2007 Air Canada Annual Report
78
INDEPENDENT AUDITORS’ REPORT
TO THE SHAREHOLDERS OF AIR CANADA
We have audited the consolidated statements of fi nancial position of Air Canada as at December 31, 2007 and
December 31, 2006 and the consolidated statements of operations, shareholders’ equity, comprehensive income and cash
fl ows for the years then ended. These consolidated fi nancial statements are the responsibility of the company’s management.
Our responsibility is to express and opinion on these consolidated fi 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 consolidated fi nancial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the consolidated fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant
estimates made by management, as well as evaluating the overall consolidated fi nancial statement presentation.
In our opinion, these consolidated fi nancial statements present fairly, in all material respects, the consolidated fi nancial
position of the company as at December 31, 2007 and December 31, 2006 and the results of its operations and its cash
fl ows for the years then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants
Montreal, Quebec
February 6, 2008