Page 87 - Suncor AR English

MANAGEMENT’S STATEMENT

OF RESPONSIBILITY FOR FINANCIAL REPORTING

The management of Suncor Energy Inc. is responsible for the presentation and preparation of the accompanying

consolidated financial statements of Suncor Energy Inc. and all related financial information contained in the Annual
Report, including Management’s Discussion and Analysis.

The consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting

principles applicable to publically accountable enterprises, which is within the framework of International Financial
Reporting Standards as issued by the International Accounting Standards Board incorporated into the CICA Handbook

Part 1. They include certain amounts that are based on estimates and judgments.

In management’s opinion, the consolidated financial statements have been properly prepared within reasonable limits of
materiality and within the framework of the significant accounting policies adopted by management. If alternate

accounting methods exist, management has chosen those policies it deems the most appropriate in the circumstances. In
discharging its responsibilities for the integrity and reliability of the financial statements, management maintains and relies

upon a system of internal controls designed to ensure that transactions are properly authorized and recorded, assets are
safeguarded against unauthorized use or disposition and liabilities are recognized. These controls include quality standards

in hiring and training of employees, formalized policies and procedures, a corporate code of conduct and associated
compliance program designed to establish and monitor conflicts of interest, the integrity of accounting records and

financial information among others, and employee and management accountability for performance within appropriate
and well-defined areas of responsibility.

The system of internal controls is further supported by the professional staff of an internal audit function who conduct
periodic audits of the company’s financial reporting.

The Audit Committee of the Board of Directors, currently composed of five independent directors, reviews the

effectiveness of the company’s financial reporting systems, management information systems, internal control systems and
internal auditors. It recommends to the Board of Directors the external auditor to be appointed by the shareholders at

each annual meeting and reviews the independence and effectiveness of their work. In addition, it reviews with
management and the external auditor any significant financial reporting issues, the presentation and impact of significant

risks and uncertainties, and key estimates and judgments of management that may be material for financial reporting
purposes. The Audit Committee appoints the independent reserve consultants. The Audit Committee meets at least

quarterly to review and approve interim financial statements prior to their release, as well as annually to review Suncor’s
annual financial statements and Management’s Discussion and Analysis, Annual Information Form/Form 40-F, and annual

reserves and resource estimates, and recommend their approval to the Board of Directors. The internal auditors and the
external auditor, PricewaterhouseCoopers LLP, have unrestricted access to the company, the Audit Committee and the

Board of Directors.

24JAN201412131059

27FEB201405100921

Steve W. Williams
Stephen D.L. Reynish

Interim Chief Financial Officer
President and Chief Executive Officer

February 28, 2014

SUNCOR ENERGY INC. ANNUAL REPORT 2013 83