Shaw 2014 Annual Report Download - page 61

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Shaw Communications Inc.
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS AND
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
November 28, 2014
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 International
Financial Reporting Standards. 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
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