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46 WestJet 2009 Annual Report
We have audited the consolidated balance sheets of WestJet
Airlines Ltd. as at December 31, 2009 and 2008, and the
consolidated statements of earnings, comprehensive income,
shareholders’ equity and cash fl ows for the years then ended.
These consolidated fi nancial statements are the responsibility of
the Corporation’s management. Our responsibility is to express
an opinion on these consolidated fi nancial 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 fi nancial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the fi nancial statements. An
audit also includes assessing the accounting principles used
and signifi cant estimates made by management, as well as
evaluating the overall fi nancial statement presentation.
In our opinion, these consolidated fi nancial statements present
fairly, in all material respects, the financial position of the
Corporation as at December 31, 2009 and 2008 and the results
of its operations and its cash fl ows for the years then ended
in accordance with Canadian generally accepted accounting
principles.
Chartered Accountants
Calgary, Canada
February 16, 2010
AUDITORS’ REPORT
TO THE SHAREHOLDERS