SYNO » Topics » Managements Report on Internal Control Over Financial Reporting

These excerpts taken from the SYNO 10-K filed Apr 10, 2009.
Management’s Report on Internal Control Over Financial Reporting
 
Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting of the Company. This system of internal accounting controls is designed to provide reasonable assurance that assets are safeguarded and transactions are properly recorded and executed in accordance with management’s authorization. The design, monitoring and revision of the system of internal accounting controls involves, among other things, management’s judgments with respect to the relative cost and expected benefits of specific control measures. The effectiveness of the control system is supported by the selection, retention and training of qualified personnel and an organizational structure that provides an appropriate division of responsibility and formalized procedures. The system of internal accounting controls is periodically reviewed and modified in response to changing conditions. Designated Company employees regularly monitor the adequacy and effectiveness of internal accounting controls.
 
In addition to the system of internal accounting controls, management maintains corporate policy guidelines that help monitor proper overall business conduct, possible conflicts of interest, compliance with laws and confidentiality of proprietary information. The guidelines are documented in the Synovis Code of Business Conduct and Ethics and are reviewed on a periodic basis with all employees of the Company.
 
Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal controls over financial reporting may vary over time. Our system contains control monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.
 
Management conducted an evaluation of the effectiveness of the system of 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 (“COSO”). Based on this evaluation, management concluded that the Company’s system of internal control over financial reporting was effective as of October 31, 2008. Grant Thornton LLP, the Company’s independent registered public accounting firm, has issued an attestation report, included herein, on the Company’s internal control over financial reporting.
 
Item 9B —Other information
 
None.


52


 

Management’s
Report on Internal Control Over Financial Reporting



 



Management is responsible for establishing and maintaining an
adequate system of internal control over financial reporting of
the Company. This system of internal accounting controls is
designed to provide reasonable assurance that assets are
safeguarded and transactions are properly recorded and executed
in accordance with management’s authorization. The design,
monitoring and revision of the system of internal accounting
controls involves, among other things, management’s
judgments with respect to the relative cost and expected
benefits of specific control measures. The effectiveness of the
control system is supported by the selection, retention and
training of qualified personnel and an organizational structure
that provides an appropriate division of responsibility and
formalized procedures. The system of internal accounting
controls is periodically reviewed and modified in response to
changing conditions. Designated Company employees regularly
monitor the adequacy and effectiveness of internal accounting
controls.


 



In addition to the system of internal accounting controls,
management maintains corporate policy guidelines that help
monitor proper overall business conduct, possible conflicts of
interest, compliance with laws and confidentiality of
proprietary information. The guidelines are documented in the
Synovis Code of Business Conduct and Ethics and are reviewed on
a periodic basis with all employees of the Company.


 



Because of its inherent limitations, a system of internal
control over financial reporting can provide only reasonable
assurance and may not prevent or detect misstatements. Further,
because of changes in conditions, effectiveness of internal
controls over financial reporting may vary over time. Our system
contains control monitoring mechanisms, and actions are taken to
correct deficiencies as they are identified.


 



Management conducted an evaluation of the effectiveness of the
system of 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 (“COSO”).
Based on this evaluation, management concluded that the
Company’s system of internal control over financial
reporting was effective as of October 31, 2008. Grant
Thornton LLP, the Company’s independent registered public
accounting firm, has issued an attestation report, included
herein, on the Company’s internal control over financial
reporting.


 



Item 9B —Other information




 



None.





52





 







These excerpts taken from the SYNO 10-K filed Jan 7, 2009.
Management’s Report on Internal Control Over Financial Reporting
 
Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting of the Company. This system of internal accounting controls is designed to provide reasonable assurance that assets are safeguarded and transactions are properly recorded and executed in accordance with management’s authorization. The design, monitoring and revision of the system of internal accounting controls involves, among other things, management’s judgments with respect to the relative cost and expected benefits of specific control measures. The effectiveness of the control system is supported by the selection, retention and training of qualified personnel and an organizational structure that provides an appropriate division of responsibility and formalized procedures. The system of internal accounting controls is periodically reviewed and modified in response to changing conditions. Designated Company employees regularly monitor the adequacy and effectiveness of internal accounting controls.
 
In addition to the system of internal accounting controls, management maintains corporate policy guidelines that help monitor proper overall business conduct, possible conflicts of interest, compliance with laws and confidentiality of proprietary information. The guidelines are documented in the Synovis Code of Business Conduct and Ethics and are reviewed on a periodic basis with all employees of the Company.
 
Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal controls over financial reporting may vary over time. Our system contains control monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.
 
Management conducted an evaluation of the effectiveness of the system of 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 (“COSO”). Based on this evaluation, management concluded that the Company’s system of internal control over financial reporting was effective as of October 31, 2008. Grant Thornton LLP, the Company’s independent registered public accounting firm, has issued an attestation report, included herein, on the Company’s internal control over financial reporting.
 
Item 9B — Other information
 
None.


52


 

Management’s
Report on Internal Control Over Financial Reporting



 



Management is responsible for establishing and maintaining an
adequate system of internal control over financial reporting of
the Company. This system of internal accounting controls is
designed to provide reasonable assurance that assets are
safeguarded and transactions are properly recorded and executed
in accordance with management’s authorization. The design,
monitoring and revision of the system of internal accounting
controls involves, among other things, management’s
judgments with respect to the relative cost and expected
benefits of specific control measures. The effectiveness of the
control system is supported by the selection, retention and
training of qualified personnel and an organizational structure
that provides an appropriate division of responsibility and
formalized procedures. The system of internal accounting
controls is periodically reviewed and modified in response to
changing conditions. Designated Company employees regularly
monitor the adequacy and effectiveness of internal accounting
controls.


 



In addition to the system of internal accounting controls,
management maintains corporate policy guidelines that help
monitor proper overall business conduct, possible conflicts of
interest, compliance with laws and confidentiality of
proprietary information. The guidelines are documented in the
Synovis Code of Business Conduct and Ethics and are reviewed on
a periodic basis with all employees of the Company.


 



Because of its inherent limitations, a system of internal
control over financial reporting can provide only reasonable
assurance and may not prevent or detect misstatements. Further,
because of changes in conditions, effectiveness of internal
controls over financial reporting may vary over time. Our system
contains control monitoring mechanisms, and actions are taken to
correct deficiencies as they are identified.


 



Management conducted an evaluation of the effectiveness of the
system of 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 (“COSO”).
Based on this evaluation, management concluded that the
Company’s system of internal control over financial
reporting was effective as of October 31, 2008. Grant
Thornton LLP, the Company’s independent registered public
accounting firm, has issued an attestation report, included
herein, on the Company’s internal control over financial
reporting.


 















Item 9B —


Other
information



 



None.





52





 







These excerpts taken from the SYNO 10-K filed Jan 4, 2008.
Management’s Report on Internal Control Over Financial Reporting
 
Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting of the Company. This system of internal accounting controls is designed to provide reasonable assurance that assets are safeguarded and transactions are properly recorded and executed in accordance with management’s authorization. The design, monitoring and revision of the system of internal accounting controls involves, among other things, management’s judgments with respect to the relative cost and expected benefits of specific control measures. The effectiveness of the control system is supported by the selection, retention and training of qualified personnel and an organizational structure that provides an appropriate division of responsibility and formalized procedures. The system of internal accounting controls is periodically reviewed and modified in response to changing conditions. Designated Company employees regularly monitor the adequacy and effectiveness of internal accounting controls.
 
In addition to the system of internal accounting controls, management maintains corporate policy guidelines that help monitor proper overall business conduct, possible conflicts of interest, compliance with laws and confidentiality of proprietary information. The guidelines are documented in the Synovis Code of Business Conduct and Ethics and are reviewed on a periodic basis with all employees of the Company.
 
Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal controls over financial reporting may vary over time. Our system contains control monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.
 
Management conducted an evaluation of the effectiveness of the system of 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 (“COSO”). Based on this evaluation, management concluded that the Company’s system of internal control over financial reporting was effective as of October 31, 2007. Management’s assessment of the effectiveness of the Company’s internal control over financial reporting has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report in which they expressed an unqualified opinion, which is included herein.


55


Table of Contents

 
Item 9B — Other information
 
None.
 
Management’s
Report on Internal Control Over Financial Reporting



 



Management is responsible for establishing and maintaining an
adequate system of internal control over financial reporting of
the Company. This system of internal accounting controls is
designed to provide reasonable assurance that assets are
safeguarded and transactions are properly recorded and executed
in accordance with management’s authorization. The design,
monitoring and revision of the system of internal accounting
controls involves, among other things, management’s
judgments with respect to the relative cost and expected
benefits of specific control measures. The effectiveness of the
control system is supported by the selection, retention and
training of qualified personnel and an organizational structure
that provides an appropriate division of responsibility and
formalized procedures. The system of internal accounting
controls is periodically reviewed and modified in response to
changing conditions. Designated Company employees regularly
monitor the adequacy and effectiveness of internal accounting
controls.


 



In addition to the system of internal accounting controls,
management maintains corporate policy guidelines that help
monitor proper overall business conduct, possible conflicts of
interest, compliance with laws and confidentiality of
proprietary information. The guidelines are documented in the
Synovis Code of Business Conduct and Ethics and are reviewed on
a periodic basis with all employees of the Company.


 



Because of its inherent limitations, a system of internal
control over financial reporting can provide only reasonable
assurance and may not prevent or detect misstatements. Further,
because of changes in conditions, effectiveness of internal
controls over financial reporting may vary over time. Our system
contains control monitoring mechanisms, and actions are taken to
correct deficiencies as they are identified.


 



Management conducted an evaluation of the effectiveness of the
system of 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 (“COSO”).
Based on this evaluation, management concluded that the
Company’s system of internal control over financial
reporting was effective as of October 31, 2007.
Management’s assessment of the effectiveness of the
Company’s internal control over financial reporting has
been audited by Grant Thornton LLP, an independent registered
public accounting firm, as stated in their report in which they
expressed an unqualified opinion, which is included herein.





55





Table of Contents










 















Item 9B —


Other
information



 



None.







 




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