Air Canada 2008 Annual Report Download - page 82

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2008 Air Canada Annual Report
82
19. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures and Internal Controls over Financial Reporting
Disclosure controls and procedures within the Corporation have been designed to provide reasonable assurance that all
relevant information is identified to its Disclosure Policy Committee to ensure appropriate and timely decisions are made
regarding public disclosure.
Internal controls over financial reporting have been designed by management, with the participation of the Corporation’s
CEO and CFO, to provide reasonable assurance regarding the reliability of the Corporation’s financial reporting and its
preparation of financial statements for external purposes in accordance with GAAP.
The Corporation filed certifications, signed by the President and Chief Executive Officer (“CEO”) and the Executive Vice
President and Chief Financial Officer (“CFO”), with the Canadian Securities Administrators (“CSA”) upon filing of the
Corporation’s 2008 annual filings. In those filings, the Corporation’s CEO and CFO certify, as required by National Instrument
52-109, the appropriateness of the financial disclosure, the design and effectiveness of the Corporation’s disclosure controls
and procedures and the design and effectiveness of internal controls over financial reporting. The Corporation’s CEO
and CFO also certify the appropriateness of the financial disclosures in the Corporation’s interim filings with securities
regulators. In those interim filings, the Corporation’s CEO and CFO also certify the design of the Corporation’s disclosure
controls and procedures and the design of internal controls over financial reporting.
The Corporation’s Audit Committee reviewed this MD&A, and the audited consolidated financial statements, and the
Corporation’s Board of Directors approved these documents prior to their release.
Management’s Report on Disclosure Controls and Procedures
Management, with the participation of the Corporation’s CEO and CFO, assessed the effectiveness of the Corporation’s
disclosure controls and processes and concluded, as at December 31, 2008, that such disclosure controls and processes were
effective to provide reasonable assurance that:
(i) material information relating to the Corporation was made known to its Disclosure Policy Committee by others; and
(ii) information required to be disclosed by the Corporation in its annual filings, interim filings and other reports filed or
submitted by the Corporation under securities legislations was recorded, processed, summarized and reported within
the periods specified in securities legislation.
In addition, the evaluation covered the Corporation’s processes, systems and capabilities relating to regulatory filings, public
disclosures and the identification and communication of material information.
Management’s Report on Internal Controls over Financial Reporting
Management, with the participation of the Corporation’s CEO and CFO, assessed the effectiveness of the Corporation’s
internal controls over financial reporting. In making this assessment, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework. Based on
that evaluation, management and the CEO and CFO have concluded that, as at December 31, 2008, the Corporation’s
internal controls over financial reporting were effective to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with GAAP. This evaluation took
into consideration the Corporation’s Corporate Disclosure Policy and the functioning of its Disclosure Policy Committee.
Changes in Internal Controls over Financial Reporting
There have been no changes to the Corporation’s internal controls over financial reporting during the year ended December
31, 2008 that have materially affected, or are reasonably likely to materially affect, its internal controls over financial
reporting.