The 2014 financial statements of BigJet Airlines, Ltd. included the following:
INDEPENDENT AUDITORS' REPORT to the Shareholders of BigJet Airlines Ltd.
We have audited the accompanying consolidated financial statements of BigJet Airlines Ltd., which comprise the consolidated statements of financial position as at December 31, 2014, December 31, 2013, and January 1, 2013, the consolidated statement of earnings, other comprehensive income, changes in equity and cash flows for the years ended December 31, 2014 and December 31, 2013, 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 BigJet Airlines Ltd. as at December 31, 2014, December 31, 2013, and January 1, 2013, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards.
/s/ GPB LLP
Chartered Accountants
Calgary, Canada
February 7, 2015
1. Who is responsible for BigJet's financial statements?
2. By what accounting standard are the financial statements prepared?
3. Identify one concrete action that BigJet's management takes to fulfill its responsibility for the reliability of the company's financial information.
4. Which entity gave an outside, independent opinion on the BigJet financial statements? Where was this entity located, and when did it release its opinion to the public?
5. Exactly what did the audit cover? Give names and dates.
6. By what standard did the auditor conduct the audit?
7. What was the auditor's opinion on BigJet's financial statements?