Shaw 2013 Annual Report Download - page 64

S
haw
C
ommunications Inc
.
I
NDEPENDENT A
U
DIT
O
R
S
’ REP
O
RT
O
N INTERNAL
CO
NTR
O
L
S
UNDER STANDARDS OF THE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (UNITED STATES
)
To the Shareholders of
S
haw Communications Inc.
W
e have audited Shaw Communications Inc.’s internal control over financial re
p
ortin
g
as a
t
Au
g
ust
31
,
2013
, based on the cr
i
ter
i
a establ
i
shed
i
nInternal
C
ontrol – Inte
g
rated Framewor
k
issued by the Committee of Sponsoring Organizations of the Treadway Commission 1992
f
ramework (the COSO criteria). Shaw Communications Inc.’s mana
g
ement is res
p
onsible fo
r
m
a
i
nta
i
n
i
n
g
e
ff
ect
i
ve
i
nternal control over
fi
nanc
i
al re
p
ort
i
n
g
, and
f
or
i
ts assessment o
f
the
effectiveness of internal control over financial reporting included in the accompanyin
g
M
ana
g
ement Re
p
ort on Internal Control over Financial Re
p
ortin
g
. Our res
p
onsibilit
y
is t
o
ex
p
ress an o
pi
n
i
on on the
C
om
p
an
y
’s
i
nternal control over
fi
nanc
i
al re
p
ort
i
n
g
based on ou
r
audit.
W
e conducted our audit in accordance with the standards of the Public Company Accounting
Oversi
g
ht Board (United States). Those standards re
q
uire that we
p
lan and
p
erform the audit t
o
o
bta
i
n reasonable assurance about whether e
ff
ect
i
ve
i
nternal control over
fi
nanc
i
al re
p
ort
i
n
g
was maintained in all material respects. Our audit included obtaining an understanding of
internal control over financial re
p
ortin
g
, assessin
g
the risk that a material weakness exists
,
t
est
i
n
g
and evaluat
i
n
g
the des
ig
n and o
p
erat
i
n
g
e
ff
ect
i
veness o
fi
nternal control based on the
assessed risk, and performing such other procedures as we considered necessary in the
circumstances. We believe our audit
p
rovides a reasonable basis for our o
p
inion
.
A com
p
an
y
’s internal control over financial re
p
ortin
g
is a
p
rocess desi
g
ned to
p
rovid
e
reasonable assurance re
g
ard
i
n
g
the rel
i
ab
i
l
i
t
y
o
ffi
nanc
i
al re
p
ort
i
n
g
and the
p
re
p
arat
i
on o
f
f
inancial statements for external purposes in accordance with International Financial Reporting
Standards as issued b
y
the International Accountin
g
Standards Board. A com
p
an
y
’s internal
control over
fi
nanc
i
al re
p
ort
i
n
gi
ncludes those
p
ol
i
c
i
es and
p
rocedures that
(1) p
erta
i
n to the
m
aintenance of records that, in reasonable detail, accurately and fairly reflect the transaction
s
and dis
p
ositions of the assets of the com
p
an
y
; (2)
p
rovide reasonable assurance tha
t
t
ransact
i
ons are recorded as necessar
y
to
p
erm
i
t
p
re
p
arat
i
on o
ffi
nanc
i
al statements
i
n
accordance with IFRS, and that receipts and expenditures of the company are being made only
in accordance with authorization of mana
g
ement and directors of the com
p
an
y
; and (3)
p
rovide
reasonable assurance re
g
ard
i
n
gp
revent
i
on or t
i
mel
y
detect
i
on o
f
unauthor
i
zed ac
q
u
i
s
i
t
i
on, use
,
o
r disposition of the company’s assets that could have a material effect on the financia
l
s
t
a
t
emen
t
s.
B
ecause of its inherent limitations, internal control over financial re
p
ortin
g
ma
y
not
p
revent o
r
d
etect m
i
sstatements. Also,
p
ro
j
ect
i
ons o
f
an
y
evaluat
i
on o
f
e
ff
ect
i
veness to
f
uture
p
er
i
ods are
subject to the risk that controls may become inadequate because of changes in conditions, o
r
t
hat the de
g
ree of com
p
liance with the
p
olicies or
p
rocedures ma
y
deteriorate.
I
n our o
p
inion, Shaw Communications Inc. maintained, in all material res
p
ects, effective
i
nternal control over
fi
nanc
i
al re
p
ort
i
n
g
as at Au
g
ust
31
,
2013
, based on the
COSO
cr
i
ter
i
a
.
60