Air Canada 2011 Annual Report Download - page 76

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2011 Air Canada Annual Report
76
INDEPENDENT AUDITOR’S 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 statement of financial position as at December 31, 2011, December 31, 2010 and January 1, 2010, and the
consolidated statement of operations, statement of comprehensive income (loss), statement of changes in equity, and
statement of cash flow for the years ended December 31, 2011 and December 31, 2010, and the related notes, which
comprise a summary of significant accounting policies and other explanatory information.
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 International Financial Reporting Standards, 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.
Auditor’s 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 audits 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, 2011, December 31, 2010 and January 1, 2010, and its financial performance
and its cash flow for the years ended December 31, 2011 and December 31, 2010 in accordance with International Financial
Reporting Standards.
1
Montreal, Quebec
February 8, 2012
1 Chartered accountant auditor permit No. 18144
“PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.