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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Management’s
Annual Report on Internal Control over Financial
Reporting
The Company’s management is responsible for establishing
and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act
Rule 13a-15(f).
The Company’s internal control over financial reporting is
a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or because the
degree of compliance with policies or procedures may deteriorate.
As disclosed in our
Form 10-K/A
for the year ended December 31, 2007, filed on
November 17, 2008, our management identified a material
weakness in the Company’s internal control over financial
reporting resulting from the failure to maintain effective
controls over the preparation of the consolidated statements of
cash flows for each of the three years in the period ended
December 31, 2007. Specifically, the Company had
inappropriately reported material non-cash transactions in the
consolidated statement of cash flows.
Table of Contents
To remediate the material weakness in the Company’s
internal control over financial reporting as described above,
management enhanced its controls over the preparation and the
review of the Company’s consolidated statement of cash
flows, specifically by adding additional review of the
Company’s consolidated statement of cash flows and by
providing additional staff training on the preparation of the
consolidated statement of cash flows in accordance with
SFAS No. 95, Statement of Cash Flows.
Under the supervision and with the participation of our
management, including our CEO and CFO, we conducted an
assessment of the effectiveness of our internal control over
financial reporting as of December 31, 2008. The assessment
was based on criteria established in the framework Internal
Control — Integrated Framework, issued by the
Committee of Sponsoring Organizations (COSO) of the Treadway
Commission. Based on this assessment, management concluded that
our internal control over financial reporting was effective as
of December 31, 2008.
Ernst & Young LLP, the independent registered public
accounting firm that audited our Consolidated Financial
Statements included in this Annual Report on
Form 10-K,
audited the effectiveness of our controls over financial
reporting as of December 31, 2008. Ernst & Young
LLP has issued their report which is included below.
Management’s Annual Report on Internal Control over Financial Reporting The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance with policies or procedures may deteriorate. As disclosed in our Form 10-K/A for the year ended December 31, 2007, filed on November 17, 2008, our management identified a material weakness in the Company’s internal control over financial reporting resulting from the failure to maintain effective controls over the preparation of the consolidated statements of cash flows for each of the three years in the period ended December 31, 2007. Specifically, the Company had inappropriately reported material non-cash transactions in the consolidated statement of cash flows.
Table of ContentsTo remediate the material weakness in the Company’s internal control over financial reporting as described above, management enhanced its controls over the preparation and the review of the Company’s consolidated statement of cash flows, specifically by adding additional review of the Company’s consolidated statement of cash flows and by providing additional staff training on the preparation of the consolidated statement of cash flows in accordance with SFAS No. 95, Statement of Cash Flows. Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2008. The assessment was based on criteria established in the framework Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Based on this assessment, management concluded that our internal control over financial reporting was effective as of December 31, 2008. Ernst & Young LLP, the independent registered public accounting firm that audited our Consolidated Financial Statements included in this Annual Report on Form 10-K, audited the effectiveness of our controls over financial reporting as of December 31, 2008. Ernst & Young LLP has issued their report which is included below. | EXCERPTS ON THIS PAGE:
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