Air Canada 2014 Annual Report Download - page 87

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87
2014 Consolidated Financial Statements and Notes
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, 2014 and December 31, 2013 and
the consolidated statement of operations, statement of comprehensive income, statement of changes in equity
and statement of cash flow for the years ended December 31, 2014 and December 31, 2013, 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 as issued by the International Accounting
Standards Board 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, 2014 and December 31, 2013 and their
financial performance and their cash flows for the years ended December 31, 2014 and December 31, 2013
in accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board.
1
Montreal, Quebec
February 10, 2015
1 CPA auditor, CA, public accountancy permit No. 18144
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.