Air Canada 2014 Annual Report Download - page 78

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78 2014 Annual Report
DISCLOSURE CONTROLS AND
PROCEDURES AND INTERNAL CONTROLS
OVER FINANCIAL REPORTING
Disclosure controls and procedures within the
Corporation have been designed to provide reasonable
assurance that all relevant information is identified
to its President and Chief Executive Officer (“CEO”),
its Executive Vice President and Chief Financial
Officer (“CFO”) and its Disclosure Policy Committee
to ensure appropriate and timely decisions are made
regarding public disclosure.
Internal controls over financial reporting have been
designed by management, under the supervision of,
and with the participation of the Corporation’s CEO
and CFO, to provide reasonable assurance regarding
the reliability of the Corporation’s financial reporting
and its preparation of financial statements for
external purposes in accordance with GAAP.
The Corporation will file certifications, signed by
the Corporation’s CEO and CFO, with the Canadian
Securities Administrators (“CSA”) upon filing of
the Corporation’s Annual Information Form. In
those filings, the Corporation’s CEO and CFO will
certify, as required by National Instrument 52-109,
the appropriateness of the financial disclosure,
the design and effectiveness of the Corporation’s
disclosure controls and procedures and the design
and effectiveness of internal controls over financial
reporting. The Corporation’s CEO and CFO also certify
the appropriateness of the financial disclosures in the
Corporation’s interim filings with securities regulators.
In those interim filings, 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 financial reporting.
The Corporation’s Audit, Finance and Risk Committee
reviewed this MD&A and the audited consolidated
financial statements, and the Corporation’s Board of
Directors approved these documents prior to their
release.
MANAGEMENT’S REPORT ON
DISCLOSURE CONTROLS AND
PROCEDURES
Management, under the supervision of and with the
participation of the Corporation’s CEO and CFO,
evaluated the effectiveness of the Corporation’s
disclosure controls and procedures (as defined under
National Instrument 52-109) and concluded, as at
December 31, 2014, that such disclosure controls and
procedures were effective.
MANAGEMENT’S REPORT ON INTERNAL
CONTROLS OVER FINANCIAL REPORTING
Management, under the supervision of and with the
participation of the Corporation’s CEO and CFO,
evaluated the effectiveness of the Corporation’s
internal controls over financial reporting (as defined
under National Instrument 52-109). In making this
evaluation, management used the criteria set forth
by the Committee of Sponsoring Organizations of
the Treadway Commission (“COSO”) in Internal
Control – Integrated Framework (2013). Based on
that evaluation, management and the CEO and CFO
have concluded that, as at December 31, 2014, the
Corporation’s internal controls over financial reporting
were effective. This evaluation took into consideration
the Corporation’s Corporate Disclosure Policy and the
functioning of its Disclosure Policy Committee.
CHANGES IN INTERNAL CONTROLS
OVER FINANCIAL REPORTING
There have been no changes to the Corporation’s
internal controls over financial reporting during the
year ended December 31, 2014 that have materially
affected, or are reasonably likely to materially affect,
its internal controls over financial reporting.
19. CONTROLS AND PROCEDURES