Air Canada 2009 Annual Report Download - page 84

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2009 Air Canada Annual Report
84
MANAGEMENT’S REPORT
The consolidated fi nancial statements have been prepared by management. Management is responsible for the fair
presentation of the consolidated fi nancial statements in conformity with generally accepted accounting principles.
Management is responsible for the selection of accounting policies and making signifi cant accounting judgements and
estimates. Management is also responsible for all other fi nancial information included in the annual report and for ensuring
that this information is consistent, where appropriate, with the information contained in the consolidated fi nancial
statements.
Management is responsible for establishing and maintaining adequate internal control over fi nancial reporting which
includes those policies and procedures that provide reasonable assurance over the safeguarding of assets and over the
completeness, fairness and accuracy of the consolidated fi nancial statements and other fi nancial information.
The Audit, Finance and Risk Committee reviews the quality and integrity of the Corporation’s fi 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, qualifi 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 consolidated
fi nancial statements, management’s discussion and analysis and annual report disclosures prior to their release. The Audit,
Finance and Risk Committee meets with management, the internal auditors and external auditors at least four times each
year to review and discuss fi nancial reporting issues and disclosures, auditing and other matters.
The external auditors, PricewaterhouseCoopers LLP, conduct an independent audit of the consolidated fi 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 consolidated fi 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.
Michael Rousseau Calin Rovinescu
Executive Vice President & President &
Chief Financial Offi cer Chief Executive Offi cer