Air Canada 2006 Annual Report Download - page 70

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Management’s Report
The combined consolidated nancial statements have been prepared by management. Management is responsible for
the fair presentation in the combined consolidated nancial statements of nancial position, results of operations and cash
ows in conformity with generally accepted accounting principles. Management is responsible for the selection of accounting
policies and making signicant accounting judgements and estimates. Management is also responsible for all other nancial
information included in the annual report and for ensuring that this information is consistent, where appropriate, with the
information contained in the combined consolidated nancial statements.
Management is responsible for establishing and maintaining adequate internal control over nancial reporting which
includes those policies and procedures that provide reasonable assurance as to the completeness, fairness and accuracy
of the combined consolidated nancial statements and other nancial information.
The Audit, Finance and Risk Committee reviews the quality and integrity of the Corporation’s nancial reporting and
recommends approval to the Board of Directors; oversees management’s responsibilities as to the adequacy of the supporting
systems of internal controls; provides oversight of the independence, qualications and appointment of the external auditor;
and, pre-approves audit and audit-related fees and expenses. The Board of Directors approves the Corporation’s combined
consolidated nancial statements, management’s discussion and analysis and annual report disclosures prior to their release.
The Audit, Finance and Risk Committee was appointed by the Board of Directors on November 15, 2006 and will meet with
management, the internal auditors and external auditors at least four times each year to review and discuss nancial reporting
issues and disclosures, auditing and other matters.
The external auditors, PricewaterhouseCoopers LLP, conduct an independent audit of the combined consolidated
nancial statements in accordance with Canadian generally accepted auditing standards and express their opinion thereon.
Those standards require that the audit is planned and performed to obtain reasonable assurance about whether the combined
consolidated nancial statements are free of material misstatement. The external auditors have unlimited access to the Audit,
Finance and Risk Committee and meet with the Committee on a regular basis.
Joshua Koshy Montie Brewer
Executive Vice President & President &
Chief Financial Ofcer Chief Executive Ofcer
70