INTL FCStone 2014 Annual Report Download - page 126

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INTL FCSTONE INC. Form 10K110
PART II
ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
ITEM 9 Changes in and Disagreements
with Accountants on Accounting
and Financial Disclosure
None.
ITEM 9A Controls and Procedures
a Evaluation of Disclosure Controls and Procedures
In connection with the filing of this Form 10-K, our management,
including the principal executive officer and principal financial
officer, evaluated the effectiveness of the design and operation
of our disclosure controls and procedures (as such term is
defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”))
as of September 30, 2014. We seek to design our disclosure
controls and procedures to provide reasonable assurance that
the reports we file or submit under the Exchange Act contain
the required information and that we submit these reports
within the time periods specified in SEC rules and forms. We
also seek to design these controls and procedures to ensure that
we accumulate and communicate correct information to our
management, including our principal executive and principal
financial officers, as appropriate, to allow timely decisions
regarding required disclosure.
Based on the evaluation, our principal executive officer and
principal financial officer have concluded that our disclosure
controls and procedures were effective as of September 30, 2014.
b Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term
is defined in Exchange Act Rule 13a-15(f). Our 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 purposes in
accordance with U.S. generally accepted accounting principles
(“GAAP”). Our internal control over financial reporting includes
those policies and procedures that: (i) pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company;
(ii) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in
accordance with GAAP, and that receipts and expenditures
of the Company are being made only in accordance with
authorizations of management and directors of the Company;
and (iii) 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.
ere are limitations inherent in any internal control, such as the
possibility of human error and the circumvention or overriding
of controls. A control system, no matter how well conceived and
operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met, and may not prevent
or detect misstatements. As conditions change over time, so too
may the effectiveness of internal controls. A material weakness is
a deficiency, or a combination of deficiencies, in internal control
over financial reporting such that there is a reasonable possibility
that a material misstatement of our annual or interim financial
statements will not be prevented or detected on a timely basis.
Management (with the participation of our principal executive
officer and principal financial officer) evaluated the Company’s
internal control over financial reporting as of September 30,
2014, based on the framework in
I
nternal Control – Integrated
Framework (1992) issued by the Committee of Sponsoring
Organizations (COSO) of the Treadway Commission.
Based on its assessment, management has concluded that our
internal control over financial reporting was effective as of
September 30, 2014.