Westjet 2015 Annual Report Download - page 63

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WestJet Annual Report 2015 | 61
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 most appropriate in the
circumstances. Financial statements will, by necessity, include certain amounts based on judgments and estimates. 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 is
disclosed in a timely, complete, relevant and accurate manner. These systems of internal control also serve to safeguard the
Corporation’s assets. The systems of internal control are monitored by management and are 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 responsibilities for financial reporting and internal control, and reviewing and approving the consolidated financial
statements. The Board carries out these responsibilities 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 the consolidated financial statements and management’s discussion and analysis 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 Harry Taylor
President and Executive Vice-President, Finance and
Chief Executive Officer Chief Financial Officer
February 1, 2016
Calgary, Canada