Air Canada 2013 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2013 Air Canada annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

2013 Air Canada Annual Report
84
STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
The consolidated financial statements have been prepared by management. Management is responsible for the fair
presentation of the consolidated financial statements in conformity with generally accepted accounting principles in Canada
which incorporates International Financial Reporting Standards. Management is responsible for the selection of accounting
policies and making significant accounting judgements and estimates. Management is also responsible for all other financial
information included in management’s discussion and analysis and for ensuring that this information is consistent, where
appropriate, with the information contained in the consolidated financial statements.
Management is responsible for establishing and maintaining adequate internal control over financial 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 financial statements and other financial information.
The Audit, Finance and Risk Committee, which is comprised entirely of independent directors, reviews the quality and
integrity of the Corporation’s financial 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,
qualifications 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 financial 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 financial reporting issues and disclosures,
auditing and other matters.
The external auditors, PricewaterhouseCoopers LLP, conduct an independent audit of the consolidated financial 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 financial 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.
Calin Rovinescu Michael Rousseau
President and Chief Executive Officer Executive Vice President and Chief Financial Officer
February 11, 2014