BKS » Topics » (b) Managements Annual Report on Internal Control over Financial Reporting

These excerpts taken from the BKS 10-K filed Apr 1, 2009.

(b) Management’s Annual Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Exchange Act Rule 13a-15(f), internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, 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 and includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon the Company’s evaluation, management concluded that the Company’s internal control over financial reporting was effective as of January 31, 2009.

BDO Seidman, LLP, the independent registered certified public accounting firm that audited the Company’s financial statements included in this Annual Report on Form 10-K, has also audited the Company’s internal control over financial reporting as of January 31, 2009 as stated in their report incorporated herein as part of the Company’s Annual Report.

 

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(b) Management’s Annual Report on Internal Control over Financial Reporting

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Exchange Act Rule 13a-15(f),
internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, 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 and includes those policies and procedures that:
(i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the
Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company
conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based upon the Company’s evaluation, management concluded that the Company’s internal control over financial reporting was effective as of January 31, 2009.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">BDO Seidman, LLP, the independent registered certified public accounting firm that audited the Company’s financial statements included in this
Annual Report on Form 10-K, has also audited the Company’s internal control over financial reporting as of January 31, 2009 as stated in their report incorporated herein as part of the Company’s Annual Report.

STYLE="margin-top:0px;margin-bottom:0px"> 


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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Apr 1, 2009
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