Westjet 2009 Annual Report Download - page 75

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WestJet 2009 Annual Report 45
The consolidated fi nancial 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.
Sean Durfy
President and
Chief Executive Offi cer
Vito Culmone
Executive Vice-President, Finance and
Chief Financial Offi cer
Calgary, Canada
February 16, 2010
The consolidated fi nancial 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, by necessity, include certain amounts based on
estimates and judgments. Management has determined such
amounts on a reasonable basis to ensure that the consolidated
fi nancial statements are presented fairly in all material respects.
Financial information contained in this report is consistent,
where appropriate, with the information and data contained in
the consolidated fi nancial statements. All information in this
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 fi nancial and non-fi nancial
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 applications.
The Board of Directors is responsible for the overall stewardship
and governance of the Corporation, including ensuring
management fulfi lls its responsibility for fi nancial reporting and
internal control, and reviewing and approving the consolidated
fi nancial statements. The Board carries out this responsibility
principally through its Audit Committee.
The Audit Committee of the Board of Directors, composed of
independent 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 fi nancial statements and management’s discussion
and analysis. The Audit Committee reports its fi ndings 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.
MANAGEMENT’S REPORT
TO THE SHAREHOLDERS