Westjet 2013 Annual Report Download - page 55

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WestJet Annual Report 2013 55
CONTROLS AND PROCEDURES
Disclosure controls and procedures (DC&P)
DC&P are designed to provide reasonable assurance that all relevant information is gathered and reported to management,
including the chief executive officer (CEO) and the chief financial officer (CFO), on a timely basis so that appropriate decisions
can be made regarding public disclosure.
An evaluation of our DC&P was conducted, as at December 31, 2013, by management under the supervision of the CEO and
the CFO. Based on this evaluation, the CEO and the CFO have concluded that, as at December 31, 2013, our DC&P, as
defined in National Instrument 52-109
Certification of Disclosure in Issuers’ Annual and Interim Filings
(NI 52-109), was
effective.
Internal control over financial reporting (ICFR)
ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements in accordance with GAAP. Management is responsible for establishing and maintaining adequate ICFR.
Our ICFR includes policies and procedures that pertain to the maintenance of records that provide reasonable assurance that
transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that
receipts and expenditures are being made only in accordance with authorizations of management and directors; pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets;
and are designed to provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of our assets that could have a material effect on our annual consolidated financial statements.
Because of its inherent limitations, ICFR can provide only reasonable assurance and may not prevent or detect misstatements.
Furthermore, projections of an evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may
deteriorate.
Management, under the supervision of the CEO and the CFO, has evaluated our ICFR using the framework and criteria
established in the 1992 Internal Controls – Integrated Framework, issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). Based on this evaluation, the CEO and the CFO have concluded that as at December 31,
2013, ICFR (as defined in NI 52-109) were effective. There were no changes in our ICFR during the year ended December 31,
2013 that have materially affected, or are reasonably likely to affect, our ICFR.