This excerpt taken from the KAMN 10-K filed Feb 28, 2008.
(a) Disclosure Controls and Procedures. The company has carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the companys disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of December 31, 2007, the disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports the company files and submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported as and when required.
(b) Internal Control Over Financial Reporting. The companys management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. 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 reporting purposes in accordance with U.S. generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Management has assessed the effectiveness of the companys internal control over financial reporting as of December 31, 2007.
In making its assessment, management has utilized the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in Internal ControlIntegrated Framework. Management concluded that based on its assessment, the companys internal control over financial reporting was effective as of December 31, 2007. The effectiveness of internal control over financial reporting as of December 31, 2007 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which is included in this Form 10-K.
(c) Changes in Internal Control Over Financial Reporting. Management of the company has evaluated, with the participation of the companys Chief Executive Officer and Chief Financial Officer, changes in the companys internal controls over financial reporting during 2007.
During the fourth quarter ended December 31, 2007, management made no changes to the internal controls over financial reporting that has materially effected, nor are they reasonably likely to have a material effect, on our internal controls over financial reporting.
(d) Inherent Limitations of Disclosure Controls and Procedures and Inherent Control over Financial Reporting. The companys evaluation described in this item was undertaken acknowledging that there are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.