Westjet 2005 Annual Report Download - page 40

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38
YOUR OWNERS’ MANUAL
MANAGEMENT’S REPORT TO
THE SHAREHOLDERS
The consolidated financial statements have been
prepared by management in accordance with Canadian
generally accepted accounting principles. When a choice
between accounting methods exists, management has
chosen those it deems conservative and appropriate in
the circumstances. Financial statements will necessarily
include certain amounts based on estimates and judgements.
Management has determined such amounts on a reasonable
basis to ensure that the consolidated financial statements
are presented fairly in all material respects. Financial
information contained in the annual report is consistent,
where appropriate, with the information and data contained
in the consolidated financial statements. All information in
the annual report is the responsibility of management.
Management has established systems of internal control,
including disclosure controls and procedures which are
designed to provide reasonable assurance that financial
and non-financial information that is disclosed is timely,
complete, relevant and accurate. These systems of
internal control also serve to safeguard the Corporation’s
assets. The systems of internal control are monitored by
management, and further supported by an internal audit
department whose functions include reviewing internal
controls and their application.
The Board of Directors is responsible for the overall
stewardship and governance of the Corporation, including
ensuring management fulfills its responsibility for financial
reporting and internal control, and reviewing and approving
the consolidated financial statements. The Board carries out
this responsibility principally through its Audit Committee.
The Audit Committee of the Board of Directors, comprised
of non-management Directors, meets regularly with
management, the internal auditors and the external auditors,
to satisfy itself that each is properly discharging its
responsibilities, and to review the consolidated financial
statements and MD&A. The Audit Committee reports its
findings to the Board of Directors prior to the approval of
such statements for issuance to the shareholders. The
Audit Committee also recommends, for review by the Board
of Directors and approval of shareholders, the reappointment
of the external auditors. The internal and external auditors
have full and free access to the Audit Committee.
The consolidated financial statements have been audited
by KPMG LLP, the independent external auditors, in
accordance with generally accepted auditing standards on
behalf of the shareholders. The auditors’ report outlines
the scope of their examination and sets forth their opinion.
Clive J. Beddoe
Executive Chairman,
President and Chief Executive Officer
Calgary, Alberta
February 7, 2006
Alexander (Sandy) J. Campbell, FCGA
Executive Vice-President, Finance,
and Chief Financial Officer