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COO » Topics » Item 9A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures

This excerpt taken from the COO 10-K filed Dec 19, 2008.

Item 9A. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

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The Company has established and currently maintains disclosure controls and procedures
designed to ensure that information required to be disclosed in its reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s chief executive officer and chief financial officer, as appropriate, to allow for timely decisions regarding
required disclosure. In designing and evaluating disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired
control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

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The Company’s management, with the participation of the Company’s chief executive officer and chief financial officer, evaluated
the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the chief executive officer and chief financial officer concluded that the Company’s
disclosure controls and procedures, as of the end of the period covered by this report, were designed and are functioning effectively to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under
the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including the chief executive
officer and chief financial officer, as appropriate to allow timely decisions regarding disclosure.

 

FACE="Times New Roman" SIZE="2">Management’s Annual Report on Internal Control Over Financial Reporting

 

STYLE="margin-top:0px;margin-bottom:0px">Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the
Securities Exchange Act of 1934. 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.

 

Management assessed
the effectiveness of the Company’s internal control over financial reporting as of October 31, 2008, based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control –
Integrated Framework. Management, under the supervision and with the participation of the Company’s chief executive officer and chief financial officer, assessed the effectiveness of the Company’s internal control over financial
reporting was effective as of October 31, 2008.

 

The Company’s
independent registered public accounting firm, KPMG LLP, has audited the effectiveness of the Company’s internal control over financial reporting as of October 31, 2008, as stated in their report in Part II, Item 8 of this Form 10-K.

 


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Changes in Internal Control Over Financial Reporting

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As of October 31, 2008, there had been no changes in the Company’s internal
control over financial reporting during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Inherent Limitations of Internal Control Over Financial Reporting

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It should be noted that, because of its inherent limitations, internal control over
financial reporting may not prevent or detect all misstatements, errors or fraud. 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
that the degree of compliance with the policies or procedures may deteriorate.

 

SIZE="2">Item 9B. Other Information.

 

FACE="Times New Roman" SIZE="2">None.

 


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PART III

 


"Item 9A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures" elsewhere:

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