Westjet 2003 Annual Report Download - page 20

Marlaine Yee, Flight Attendant: She volunteers with
the Calgary Stampede as an artisan talent scout.
The Board of Directors is responsible for the overall stewardship and governance of the Corporation, including ensuring
management fulfills its responsibility for financial reporting and internal control, and reviewing and approving the
consolidated financial statements. The Board carries out this responsibility principally through its Audit Committee.
The Audit Committee of the Board of Directors, comprised of non-management Directors, meets regularly with
management, the internal auditors and the external auditors, to satisfy itself that each is properly discharging its
responsibilities, and to review the consolidated financial statements. The Audit Committee reports its findings to
the Board of Directors prior to the approval of such statements for issuance to the shareholders. The Audit
Committee also recommends, for review by the Board of Directors and approval of shareholders, the re-appointment
of the external auditors.
The consolidated financial statements have been audited by KPMG LLP, the external auditors, in accordance with
generally accepted auditing standards on behalf of the shareholders. The auditors’ report outlines the scope of their
examination and sets forth their opinion. The external auditors have full and free access to the Audit Committee.
MANAGEMENT’S REPORT
TO THE SHAREHOLDERS
2003 WestJet Annual Report |39
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We have audited the consolidated balance sheets of WestJet Airlines Ltd.
as at December 31, 2003 and 2002 and the consolidated statements
of earnings and retained earnings and cash flows for the years then ended.
These financial statements are the responsibility of the Corporation’s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted
auditing standards. Those standards require that we plan and perform
an audit to obtain reasonable assurance whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in
all material respects, the financial position of the Corporation as at
December 31, 2003 and 2002 and the results of its operations and its
cash flows for the years then ended in accordance with Canadian
generally accepted accounting principles.
The fourth quarter of 2003 marked WestJet's 28th consecutive quarter of profitability
38 | 2003 WestJet Annual Report
The consolidated financial statements have been prepared by management in accordance with Canadian generally
accepted accounting principles. When a choice of accounting methods exist, management has chosen those it deems
conservative and appropriate in the circumstances. Financial statements are not precise since they include certain
amounts based on estimates and judgements. Management has determined such amounts on a reasonable basis
to ensure that the consolidated financial statements are presented fairly in all material respects. Financial information
contained in the annual report is consistent, where appropriate, with the information and data contained in the
consolidated financial statements. All information in the annual report is the responsibility of management.
Management has established systems of internal control, which are designed to provide reasonable assurance that
financial information is relevant, reliable and accurate, assets are safeguarded, and transactions are properly
authorized. The systems of internal control are further supported by an internal audit department whose functions
include reviewing internal controls and their application.
Alexander (Sandy) J. Campbell, FCGA
Senior Vice President, Finance,
and Chief Financial Officer
Clive J. Beddoe, Executive Chairman,
President and Chief Executive Officer
Calgary, Canada
February 11, 2004
Chartered Accountants
Calgary, Canada
February 11, 2004
TO THE SHAREHOLDERS
AUDITORS’ REPORT
Dustin Vannus, Flight Attendant: He is training to be a
pilot, can impersonate Tony the Tiger and Scooby-doo,
and proudly irons his own uniform.
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