NATL » Topics » MANAGEMENTS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

These excerpts taken from the NATL 10-K filed Mar 12, 2009.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 
We, as management of National Interstate Corporation and its subsidiaries (the “Company”), are responsible for establishing and maintaining adequate internal control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers or persons performing similar functions and effected by the Company’s 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:
 
  •  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 
  •  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
 
  •  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.
 
Management has evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008, based on the control criteria established in a report entitled Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, we have concluded that the Company’s internal control over financial reporting is effective as of December 31, 2008.
 
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
 
     
     
     
     
/s/  David W. Michelson
David W. Michelson
 
/s/  Julie A. McGraw
Julie A. McGraw
President and Chief Executive Officer
  Vice President and Chief Financial Officer


55


Table of Contents

 
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 
We, as management of National Interstate Corporation and its subsidiaries (the “Company”), are responsible for establishing and maintaining adequate internal control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers or persons performing similar functions and effected by the Company’s 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:
 
  •  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 
  •  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
 
  •  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.
 
Management has evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008, based on the control criteria established in a report entitled Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, we have concluded that the Company’s internal control over financial reporting is effective as of December 31, 2008.
 
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
 
     
     
     
     
/s/  David W. Michelson
David W. Michelson
 
/s/  Julie A. McGraw
Julie A. McGraw
President and Chief Executive Officer
  Vice President and Chief Financial Officer


55


Table of Contents

 
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 
We, as management of National Interstate Corporation and its subsidiaries (the “Company”), are responsible for establishing and maintaining adequate internal control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers or persons performing similar functions and effected by the Company’s 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:
 
  •  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 
  •  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
 
  •  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.
 
Management has evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008, based on the control criteria established in a report entitled Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, we have concluded that the Company’s internal control over financial reporting is effective as of December 31, 2008.
 
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
 
     
     
     
     
/s/  David W. Michelson
David W. Michelson
 
/s/  Julie A. McGraw
Julie A. McGraw
President and Chief Executive Officer
  Vice President and Chief Financial Officer


55


Table of Contents

 
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 
We, as management of National Interstate Corporation and its subsidiaries (the “Company”), are responsible for establishing and maintaining adequate internal control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers or persons performing similar functions and effected by the Company’s 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:
 
  •  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 
  •  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
 
  •  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.
 
Management has evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008, based on the control criteria established in a report entitled Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, we have concluded that the Company’s internal control over financial reporting is effective as of December 31, 2008.
 
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
 
     
     
     
     
/s/  David W. Michelson
David W. Michelson
 
/s/  Julie A. McGraw
Julie A. McGraw
President and Chief Executive Officer
  Vice President and Chief Financial Officer


55


Table of Contents

 
MANAGEMENT’S
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



 



We, as management of National Interstate Corporation and its
subsidiaries (the “Company”), are responsible for
establishing and maintaining adequate internal control over
financial reporting. Pursuant to the rules and regulations of
the Securities and Exchange Commission, internal control over
financial reporting is a process designed by, or under the
supervision of, the Company’s principal executive and
principal financial officers or persons performing similar
functions and effected by the Company’s 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:


 




































  • 

Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions
of the assets of the Company;
 
  • 

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
 
  • 

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.


 



Management has evaluated the effectiveness of the Company’s
internal control over financial reporting as of
December 31, 2008, based on the control criteria
established in a report entitled Internal Control —
Integrated Framework,
issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on such
evaluation, we have concluded that the Company’s internal
control over financial reporting is effective as of
December 31, 2008.


 



The independent registered public accounting firm of
Ernst & Young LLP, as auditors of the Company’s
consolidated financial statements, has issued an attestation
report on the effectiveness of the Company’s internal
control over financial reporting.


 



































     

 

 

 

 

 

 

 

 

 

/s/  David
W.
Michelson
David
W. Michelson

 

/s/  Julie
A.
McGraw
Julie
A. McGraw


President and Chief Executive Officer


 

Vice President and Chief Financial Officer









55





Table of Contents





 




MANAGEMENT’S
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



 



We, as management of National Interstate Corporation and its
subsidiaries (the “Company”), are responsible for
establishing and maintaining adequate internal control over
financial reporting. Pursuant to the rules and regulations of
the Securities and Exchange Commission, internal control over
financial reporting is a process designed by, or under the
supervision of, the Company’s principal executive and
principal financial officers or persons performing similar
functions and effected by the Company’s 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:


 




































  • 

Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions
of the assets of the Company;
 
  • 

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
 
  • 

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.


 



Management has evaluated the effectiveness of the Company’s
internal control over financial reporting as of
December 31, 2008, based on the control criteria
established in a report entitled Internal Control —
Integrated Framework,
issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on such
evaluation, we have concluded that the Company’s internal
control over financial reporting is effective as of
December 31, 2008.


 



The independent registered public accounting firm of
Ernst & Young LLP, as auditors of the Company’s
consolidated financial statements, has issued an attestation
report on the effectiveness of the Company’s internal
control over financial reporting.


 



































     

 

 

 

 

 

 

 

 

 

/s/  David
W.
Michelson
David
W. Michelson

 

/s/  Julie
A.
McGraw
Julie
A. McGraw


President and Chief Executive Officer


 

Vice President and Chief Financial Officer









55





Table of Contents





 




MANAGEMENT’S
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



 



We, as management of National Interstate Corporation and its
subsidiaries (the “Company”), are responsible for
establishing and maintaining adequate internal control over
financial reporting. Pursuant to the rules and regulations of
the Securities and Exchange Commission, internal control over
financial reporting is a process designed by, or under the
supervision of, the Company’s principal executive and
principal financial officers or persons performing similar
functions and effected by the Company’s 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:


 




































  • 

Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions
of the assets of the Company;
 
  • 

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
 
  • 

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.


 



Management has evaluated the effectiveness of the Company’s
internal control over financial reporting as of
December 31, 2008, based on the control criteria
established in a report entitled Internal Control —
Integrated Framework,
issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on such
evaluation, we have concluded that the Company’s internal
control over financial reporting is effective as of
December 31, 2008.


 



The independent registered public accounting firm of
Ernst & Young LLP, as auditors of the Company’s
consolidated financial statements, has issued an attestation
report on the effectiveness of the Company’s internal
control over financial reporting.


 



































     

 

 

 

 

 

 

 

 

 

/s/  David
W.
Michelson
David
W. Michelson

 

/s/  Julie
A.
McGraw
Julie
A. McGraw


President and Chief Executive Officer


 

Vice President and Chief Financial Officer









55





Table of Contents





 




MANAGEMENT’S
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



 



We, as management of National Interstate Corporation and its
subsidiaries (the “Company”), are responsible for
establishing and maintaining adequate internal control over
financial reporting. Pursuant to the rules and regulations of
the Securities and Exchange Commission, internal control over
financial reporting is a process designed by, or under the
supervision of, the Company’s principal executive and
principal financial officers or persons performing similar
functions and effected by the Company’s 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:


 




































  • 

Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions
of the assets of the Company;
 
  • 

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
 
  • 

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.


 



Management has evaluated the effectiveness of the Company’s
internal control over financial reporting as of
December 31, 2008, based on the control criteria
established in a report entitled Internal Control —
Integrated Framework,
issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on such
evaluation, we have concluded that the Company’s internal
control over financial reporting is effective as of
December 31, 2008.


 



The independent registered public accounting firm of
Ernst & Young LLP, as auditors of the Company’s
consolidated financial statements, has issued an attestation
report on the effectiveness of the Company’s internal
control over financial reporting.


 



































     

 

 

 

 

 

 

 

 

 

/s/  David
W.
Michelson
David
W. Michelson

 

/s/  Julie
A.
McGraw
Julie
A. McGraw


President and Chief Executive Officer


 

Vice President and Chief Financial Officer









55





Table of Contents



MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 
We, as management of National Interstate Corporation and its subsidiaries (the “Company”), are responsible for establishing and maintaining adequate internal control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers or persons performing similar functions and effected by the Company’s 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:
 
  •  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 
  •  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
 
  •  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.
 
Management has evaluated the effectiveness of its internal control over financial reporting as of December 31, 2007, based on the control criteria established in a report entitled Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, we have concluded that the Company’s internal control over financial reporting is effective as of December 31, 2007.
 
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
 
     
     
     
     
/s/  David W. Michelson
David W. Michelson
 
/s/  Julie A. McGraw
Julie A. McGraw
President and Chief Executive Officer
  Vice President and Chief Financial Officer


53


Table of Contents

 
MANAGEMENT’S
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



 



We, as management of National Interstate Corporation and its
subsidiaries (the “Company”), are responsible for
establishing and maintaining adequate internal control over
financial reporting. Pursuant to the rules and regulations of
the Securities and Exchange Commission, internal control over
financial reporting is a process designed by, or under the
supervision of, the Company’s principal executive and
principal financial officers or persons performing similar
functions and effected by the Company’s 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:


 




































  • 

Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions
of the assets of the Company;
 
  • 

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
 
  • 

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.


 



Management has evaluated the effectiveness of its internal
control over financial reporting as of December 31, 2007,
based on the control criteria established in a report entitled
Internal Control — Integrated Framework, issued
by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on such evaluation, we have concluded that the
Company’s internal control over financial reporting is
effective as of December 31, 2007.


 



The independent registered public accounting firm of
Ernst & Young LLP, as auditors of the Company’s
consolidated financial statements, has issued an attestation
report on the effectiveness of the Company’s internal
control over financial reporting.


 



































     

 

 

 

 

 

 

 

 

 

/s/  David
W.
Michelson
David
W. Michelson

 

/s/  Julie
A.
McGraw
Julie
A. McGraw


President and Chief Executive Officer


 

Vice President and Chief Financial Officer









53





Table of Contents



MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 
 
We, as management of National Interstate Corporation, and its subsidiaries (the “Company”), are responsible for establishing and maintaining adequate internal control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company’s 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:
 
  •  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 
  •  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
 
  •  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.
 
Management has evaluated the effectiveness of its internal control over financial reporting as of December 31, 2006, based on the control criteria established in a report entitled Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, we have concluded that the Company’s internal control over financial reporting is effective as of December 31, 2006.
 
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on management’s assessment of the Company’s internal control over financial reporting.
 
     
     
     
     
/s/  Alan R. Spachman
Alan R. Spachman
 
/s/  Julie A. McGraw
Julie A. McGraw
Chairman and Chief Executive Officer
  Vice President and Chief Financial Officer


50


Table of Contents

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