Westjet 2012 Annual Report Download - page 59

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MANAGEMENT’S REPORT TO THE SHAREHOLDERS
The consolidated financial statements have been prepared by management in accordance with International Financial Reporting
Standards. When a choice between accounting methods exists, management has chosen those they deem conservative and
appropriate in the circumstances. Financial statements will, by necessity, include certain amounts based on estimates and judgments.
Management has determined such amounts on a reasonable basis so that the consolidated financial statements are presented fairly
in all material respects. All information in this report is the responsibility of management.
Management has established systems of internal control, including disclosure controls and procedures and internal controls over
financial reporting, which are designed and operated to provide reasonable assurance that financial and non-financial information
that is disclosed is timely, complete, relevant and accurate. These systems of internal control also serve to safeguard the
Corporation’s assets. The systems of internal control are monitored by management, and further supported by an internal audit
department whose functions include reviewing internal controls and their applications.
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, composed of independent 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 and management’s discussion and analysis. 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 reappointment of the external auditors. The internal and external auditors have
full and free access to the Audit Committee.
The consolidated financial statements have been audited by KPMG LLP, the independent external auditors, in accordance with
Canadian generally accepted auditing standards on behalf of the shareholders. The auditors’ report outlines the scope of their
examination and sets forth their opinion.
Gregg Saretsky Vito Culmone
President and Executive Vice-President, Finance and
Chief Executive Officer Chief Financial Officer
Calgary, Canada
February 5, 2013
WestJet 2012 Annual Report
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