Lexmark 2011 Annual Report Download - page 146

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Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None
Item 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chairman and Chief Executive
Officer and Executive Vice President and Chief Financial Officer, have evaluated the effectiveness of
the Company’s disclosure controls and procedures as of December 31, 2011. Based upon that
evaluation, the Company’s Chairman and Chief Executive Officer and Executive Vice President and
Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are
effective in providing reasonable assurance that the information required to be disclosed by the
Company in the reports that it files under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in
the Securities and Exchange Commission’s rules and forms and were effective as of December 31,
2011 to ensure that information required to be disclosed by the Company in the reports that it files or
submits under the Exchange Act is accumulated and communicated to the Company’s management,
including its principal executive and principal financial officers or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control over Financial Reporting
The Company’s 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). Under the supervision
and with the participation of our management, including the Chairman and Chief Executive Officer and
Executive Vice President and Chief Financial Officer, we conducted an evaluation of the effectiveness
of our internal control over financial reporting based upon the framework in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on our evaluation under the framework in Internal Control-Integrated Framework, our
management concluded that our internal control over financial reporting was effective as of
December 31, 2011. The effectiveness of the Company’s internal control over financial reporting as of
December 31, 2011 has been audited by PricewaterhouseCoopers LLP, an independent registered
public accounting firm, as stated in their report appearing on page 141.
Changes in Internal Control over Financial Reporting
There has been no change in the Company’s internal control over financial reporting that occurred
during the fourth quarter of 2011 that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
The Company’s management, including the Company’s Chairman and Chief Executive Officer and
Executive Vice President and Chief Financial Officer, does not expect that the Company’s disclosure
controls and procedures or the Company’s internal control over financial reporting will prevent or detect
all error and all fraud. A control system, regardless of how well conceived and operated, can provide
only reasonable, not absolute, assurance that the objectives of the control system will be met. These
inherent limitations include the following:
• Judgments in decision-making can be faulty, and control and process breakdowns can occur
because of simple errors or mistakes.
142