Air Canada 2009 Annual Report Download - page 81

2009 Management’s Discussion and Analysis
81
20. CONTROLS AND PROCEDURES
Disclosure controls and procedures and internal controls over fi nancial reporting
Disclosure controls and procedures within the Corporation 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 by management, with the participation of the Corporation’s
President and Chief Executive Offi cer (“CEO”) and the Executive Vice President and Chief Financial Offi cer (“CFO”), to
provide reasonable assurance regarding the reliability of the Corporation’s fi nancial reporting and its preparation of fi nancial
statements for external purposes in accordance with GAAP.
The Corporation will fi le certifi cations, signed by the President and Chief Executive Offi cer (“CEO”) and the Executive
Vice President and Chief Financial Offi cer (“CFO”), with the Canadian Securities Administrators (“CSA”) upon fi ling of the
Corporation’s Annual Information Form. In those fi lings, the Corporation’s CEO and CFO will certify, as required by National
Instrument 52-109, the appropriateness of the fi nancial disclosure, the design and effectiveness of the Corporation’s
disclosure controls and procedures and the design and effectiveness of internal controls over fi nancial reporting. The
Corporation’s CEO and CFO also certify the appropriateness of the fi nancial disclosures in the Corporation’s interim fi lings
with securities regulators. In those interim fi lings, the Corporation’s CEO and CFO also certify the design of the Corporation’s
disclosure controls and procedures and the design of internal controls over fi nancial reporting.
The Corporation’s Audit, Finance and Risk Committee reviewed this MD&A, and the audited consolidated fi nancial
statements, and the Corporation’s Board of Directors approved these documents prior to their release.
Management’s report on disclosure controls and procedures
Management, with the participation of the Corporation’s CEO and CFO, assessed the effectiveness of the Corporation’s
disclosure controls and processes and concluded, as at December 31, 2009, that such disclosure controls and processes were
effective to provide reasonable assurance that:
(i) material information relating to the Corporation was made known to its Disclosure Policy Committee by others; and
(ii) information required to be disclosed by the Corporation in its annual fi lings, interim fi lings and other reports fi led or
submitted by the Corporation under securities legislation was recorded, processed, summarized and reported within
the time periods specifi ed in securities legislation.
Management’s report on internal controls over fi nancial reporting
Management, with the participation of the Corporation’s CEO and CFO, assessed the effectiveness of the Corporation’s
internal controls over fi nancial reporting. In making this assessment, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework. Based on
that evaluation, management and the CEO and CFO have concluded that, as at December 31, 2009, the Corporation’s
internal controls over fi nancial reporting were effective 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. This evaluation took
into consideration the Corporation’s Corporate Disclosure Policy and the functioning of its Disclosure Policy Committee.
Changes in internal controls over fi nancial reporting
There have been no changes to the Corporation’s internal controls over fi nancial reporting during the year ended
December 31, 2009 that have materially affected, or are reasonably likely to materially affect, its internal controls over
fi nancial reporting.