Expedia 2013 Annual Report Download - page 74

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evaluation, management has concluded that, as of December 31, 2012, the Company’s internal control over
financial reporting was effective. Management has reviewed its assessment with the Audit Committee. Ernst &
Young, LLP, an independent registered public accounting firm, has audited the effectiveness of our internal
control over financial reporting as of December 31, 2013, as stated in their report which is included below.
Limitations on Controls.
Management does not expect that our disclosure controls and procedures or our internal control over
financial reporting will prevent or detect all error and fraud. Any control system, no matter how well designed
and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its
objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due
to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have
been detected.
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