Shaw 2015 Annual Report Download - page 53

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Shaw Communications Inc.
Management’s Responsibility for Financial Statements and
Report on Internal Control over Financial Reporting
November 23, 2015
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 members 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 evaluation of the effectiveness of internal control to future periods are subject to the risk that the
controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and
procedures may deteriorate. Therefore, even those systems determined to be effective can provide only reasonable assurance
with respect to the financial statement preparation and presentation.
Management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the
framework in “Internal Control – Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this evaluation, management concluded that the Company’s system of internal control over
financial reporting was effective as at August 31, 2015.
As permitted by SEC guidance, management has excluded its subsidiary, ViaWest, Inc. (“ViaWest”), from this evaluation of the
system of internal control over financial reporting. Shaw completed the purchase of 100% of ViaWest on September 2, 2014.
Additional information regarding this acquisition is included in Note 3 to the Consolidated Financial Statements. ViaWest had
assets and revenues representing approximately 12% and 4%, respectively, of the related Consolidated Financial Statement
amounts as of and for the year ended August 31, 2015. Further information on ViaWest is included in Note 24 to the
2015 Annual Report Shaw Communications Inc. 51