Westjet 2004 Annual Report Download - page 42

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WESTJET ANNUAL REPORT 2004
Management’s Report
to the Shareholders
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.
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.
Clive J. Beddoe, Executive Chairman,
President and Chief Executive Officer
Calgary, Alberta
February 10, 2005
Alexander (Sandy) J. Campbell, FCGA
Executive Vice-President, Finance,
and Chief Financial Officer
42
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