Air Canada 2010 Annual Report Download - page 87

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87
AUDITORS’ REPORT
TO THE SHAREHOLDERS OF AIR CANADA
We have audited the accompanying consolidated financial statements of Air Canada and its subsidiaries, which comprise
the consolidated balance sheets as at December 31, 2010 and 2009 and the consolidated statements of operations,
changes in shareholders’ equity, comprehensive income and cash flow for the years then ended, and the related notes
including a summary of significant accounting policies.
Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with Canadian generally accepted accounting principles, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted
our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Air
Canada and its subsidiaries as at December 31, 2010 and 2009 and the results of their operations and their cash flows
for the years then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants 1
Montreal, Quebec
February 9, 2011
1 Chartered accountant auditor permit No. 18144
“PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context
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