MasterCard 2008 Annual Report Download - page 87
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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The management of MasterCard Incorporated is responsible for establishing and maintaining adequate
internal control over financial reporting. 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 reporting purposes in accordance with accounting principles generally accepted in the United States
of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. As required by Section 404 of the Sarbanes-Oxley Act of 2002, management has assessed the
effectiveness of MasterCard’s internal control over financial reporting as of December 31, 2008. In making its
assessment, management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) in its report entitled Internal Control—Integrated Framework. Management has
concluded that, based on its assessment, MasterCard’s internal control over financial reporting was effective as
of December 31, 2008. The effectiveness of MasterCard’s internal control over financial reporting as of
December 31, 2008 has been audited by PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in their report which appears on the next page.
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