Air Canada 2014 Annual Report Download - page 86

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86 2014 Annual Report
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 judgement 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 10, 2015