Westjet 2011 Annual Report Download - page 63

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│
INDEPENDENT AUDITORS’ REPORT
To the Shareholders of WestJet Airlines Ltd.
We have audited the accompanying consolidated financial statements of WestJet Airlines Ltd., which comprise the consolidated
statements of financial position as at December 31, 2011, December 31, 2010 and January 1, 2010, the consolidated statement of
earnings, other comprehensive income, changes in equity and cash flows for the years ended December 31, 2011 and December 31,
2010, and notes, comprising 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, 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.
Auditors’ 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 audit 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 our 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, we consider internal controls
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 controls. 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 consolidated financial position of
WestJet Airlines Ltd. as at December 31, 2011, December 31, 2010 and January 1, 2010, and its consolidated financial performance
and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards.
Chartered Accountants
Calgary, Canada
February 7, 2012
WestJet Annual Report 2011 63