INTL FCStone 2012 Annual Report Download - page 68
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PART II
ITEM 8 Financial Statements and Supplementary Data
ITEM 8 Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
e Board of Directors and Stockholders
INTL FCStone Inc.:
We have audited INTL FCStone Inc. ‘s (the Company) internal
control over nancial reporting as of September30, 2012, based
on criteria established in Internal Control - Integrated Framework
issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). e Company’s management
is responsible for maintaining e ective internal control over
nancial reporting and for its assessment of the e ectiveness
of internal control over nancial reporting, included in the
accompanying Management’s Report on Internal Control over
Financial Reporting. Our responsibility is to express an opinion
on the Company’s internal control over nancial reporting based
on our audit.
We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States).
ose standards require that we plan and perform the audit to
obtain reasonable assurance about whether e ective internal
control over nancial reporting was maintained in all material
respects. Our audit included obtaining an understanding of
internal control over nancial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and
operating e ectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures
as we considered necessary in the circumstances. We believe that
our audit provides a reasonable basis for our opinion.
A company’s internal control over nancial reporting is a process
designed to provide reasonable assurance regarding the reliability of
nancial reporting and the preparation of nancial statements for
external purposes in accordance with generally accepted accounting
principles. A company’s internal control over nancial reporting
includes those policies and procedures that (1)pertain to the
maintenance of records that, in reasonable detail, accurately and
fairly re ect the transactions and dispositions of the assets of the
company; (2)provide reasonable assurance that transactions are
recorded as necessary to permit preparation of nancial 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 (3)provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use,
or disposition of the company’s assets that could have a material
e ect on the nancial statements.
Because of its inherent limitations, internal control over nancial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of e ectiveness 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.
In our opinion, the Company maintained, in all material
respects, e ective internal control over nancial reporting as of
September30, 2012, based on criteria established in Internal
Control — Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission.
Management’s assessment of the e ectiveness of the Company’s
internal control over nancial reporting as of September 30,
2012 excluded TRX Futures Limited, acquired with e ect from
April 30, 2012, and Aporte DTVM, acquired with e ect from
February 28, 2012. Our audit of internal control over nancial
reporting of the Company also excluded an evaluation of the
internal control over nancing reporting of TRX Futures Limited
and Aporte DTVM.
We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
the consolidated balance sheets of the Company and subsidiaries
as of September 30, 2012 and 2011, and the related consolidated
statements of income, stockholders’ equity, and cash ows for
each of the years in the three-year period ended September30,
2012, as well as the accompanying nancial statement schedule.
Our report dated December12, 2012 expressed an unquali ed
opinion on those consolidated nancial statements and the
accompanying nancial statement schedule.
/s/ KPMG LLP
Kansas City, Missouri
December12, 2012