Shaw 2010 Annual Report Download - page 68

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Shaw Communications Inc.
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS AND
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
August 31, 2010
November 5, 2010
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying consolidated financial statements of Shaw Communications Inc. and all the
information in this annual report are the responsibility of management and have been approved by
the Board of Directors.
The financial statements have been prepared by management in accordance with Canadian
generally accepted accounting principles. When alternative accounting methods exist,
management has chosen those it deems most appropriate in the circumstances. Financial
statements are not precise since they include certain amounts based on estimates and judgments.
Management has determined such amounts on a reasonable basis in order to ensure that the
financial statements are presented fairly, in all material respects. Management has prepared the
financial information presented elsewhere in the annual report and has ensured that it is consistent
with the financial statements.
Management has a system of internal controls designed to provide reasonable assurance that the
financial statements are accurate and complete in all material respects. The internal control system
includes an internal audit function and an established business conduct policy that applies to all
employees. Management believes that the systems provide reasonable assurance that transactions
are properly authorized and recorded, financial information is relevant, reliable and accurate and
that the Company’s assets are appropriately accounted for and adequately safeguarded.
The Board of Directors is responsible for ensuring management fulfils its responsibilities for
financial reporting and is ultimately responsible for reviewing and approving the financial
statements. The Board carries out this responsibility through its Audit Committee.
The Audit Committee is appointed by the Board and its directors are unrelated and independent.
The Committee meets periodically with management, as well as the external auditors, to discuss
internal controls over the financial reporting process, auditing matters and financial reporting
issues; to satisfy itself that each party is properly discharging its responsibilities; and, to review the
annual report, the financial statements and the external auditors’ report. The Audit Committee
reports its findings to the Board for consideration when approving the financial statements for
issuance to the shareholders. The Committee also considers, for review by the Board and approval
by the shareholders, the engagement or re-appointment of the external auditors.
The financial statements have been audited by Ernst & Young LLP, the external auditors, in
accordance with Canadian generally accepted auditing standards on behalf of the shareholders.
Ernst & Young LLP has full and free access to the Audit Committee.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining an adequate system of internal control
over financial reporting. Internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the
financial statements for external purposes in accordance with generally accepted accounting
principles.
Due to its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements on a timely basis. Also, projections of any of the effectiveness of internal control are
subject to the risk that the controls may become inadequate because of changes in conditions or
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