Air Canada 2007 Annual Report Download - page 74

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2007 Air Canada Annual Report
74
18. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures within Air Canada have been designed to provide reasonable assurance that all relevant
information is identifi ed to its Disclosure Policy Committee to ensure appropriate and timely decisions are made regarding
public disclosure.
Internal controls over fi nancial reporting have been designed to provide reasonable assurance regarding the reliability of
Air Canada’s fi nancial reporting and its preparation of fi nancial statements for external purposes in accordance with
Canadian Generally Accepted Accounting Principles (“GAAP”).
Air Canada fi led certifi cations, signed by the President and Chief Executive Offi cer (“CEO”) and the Chief Financial Offi cer
(“CFO”), with the Canadian Securities Administrators upon fi ling of Air Canada’s 2007 annual fi lings. In those fi lings,
Air Canada’s CEO and CFO certify, as required by Multilateral Instrument 52-109, the appropriateness of the fi nancial
disclosure, the design and effectiveness of Air Canada’s disclosure controls and procedures and the design of internal
controls over fi nancial reporting. Air Canada’s CEO and CFO also certify the appropriateness of the fi nancial disclosures in
Air Canada’s interim fi lings with Securities Regulators. In those interim fi lings, Air Canada’s CEO and CFO also certify the
design of Air Canada’s disclosure controls and procedures and the design of internal controls over fi nancial reporting.
Air Canada has evaluated the effectiveness of its disclosure controls and procedures as at December 31, 2007, and based
on its evaluation, it has concluded that they are effective. This evaluation took into consideration Air Canada’s Corporate
Disclosure Policy and the functioning of its Disclosure Policy Committee. In addition, the evaluation covered Air Canada’s
processes, systems and capabilities relating to regulatory fi lings, public disclosures and the identifi cation and communication
of material information.
Air Canada has designed internal controls over fi nancial reporting to provide reasonable assurance regarding the reliability
of fi nancial reporting and the preparation of fi nancial statements for external purposes in accordance with GAAP. There
has been no changes to the Corporation’s internal controls over fi nancial reporting that occurred during the year ended
December 31, 2007 that have materially affected, or are reasonably likely to materially affect, its internal controls over
fi nancial reporting, except for remediation of the material weakness in the Corporations’ internal controls over fi nancial
reporting as at December 31, 2006 with respect to accounting for income taxes. The Corporation has added qualifi ed
income tax professionals with the appropriate knowledge and experience which addressed the weakness.
Air Canada’s Audit Committee reviewed this MD&A, and the audited consolidated fi nancial statements, and Air Canada’s
Board of Directors approved these documents prior to their release.