MoneyGram 2005 Annual Report Download - page 56

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Table of Contents
Management's Responsibility Statement
The management of MoneyGram International, Inc. is responsible for the integrity, objectivity and accuracy of the consolidated financial statements of the
Company. The consolidated financial statements are prepared by the Company in accordance with accounting principles generally accepted in the United
States of America using, where appropriate, management's best estimates and judgments. The financial information presented throughout the Annual Report is
consistent with that in the consolidated financial statements.
Management is also responsible for maintaining a system of internal controls and procedures designed to provide reasonable assurance that the books and
records reflect the transactions of the Company and that assets are protected against loss from unauthorized use or disposition. Such a system is maintained
through accounting policies and procedures administered by trained Company personnel and updated on a continuing basis to ensure their adequacy to meet
the changing requirements of our business. The Company requires that all of its affairs, as reflected by the actions of its employees, be conducted according to
the highest standards of personal and business conduct. This responsibility is reflected in our Code of Ethics.
To test compliance with the Company's system of internal controls and procedures, the Company carries out an extensive audit program. This program
includes a review for compliance with written policies and procedures and a comprehensive review of the adequacy and effectiveness of the internal control
system. Although control procedures are designed and tested, it must be recognized that there are limits inherent in all systems of internal control and,
therefore, errors and irregularities may nevertheless occur. Also, estimates and judgments are required to assess and balance the relative cost and expected
benefits of the controls. Projection of any evaluation of effectiveness 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.
The Audit Committee of the Board of Directors, which is composed solely of outside directors, meets quarterly with management, internal audit and the
independent registered public accounting firm to discuss internal accounting control, auditing and financial reporting matters, as well as to determine that the
respective parties are properly discharging their responsibilities. Both our independent registered public accounting firm and internal auditors have had and
continue to have unrestricted access to the Audit Committee without the presence of management.
Management assessed the effectiveness of the Company's internal controls over financial reporting as of December 31, 2005. In making this assessment,
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in its Internal Control-Integrated
Framework. Based on our assessment and those criteria, management believes that the Company designed and maintained effective internal control over
financial reporting as of December 31, 2005.
The Company's independent registered public accounting firm, Deloitte & Touche LLP, has been engaged to audit our financial statements and management's
assessment of the design and effectiveness of the company's system of internal control over financial reporting. Their reports are included on pages F-3 and
F-4 of this Annual Report on Form 10-K.
/s/ PHILIP W. MILNE /s/ DAVID J. PARRIN
Philip W. Milne
President and
Chief Executive Officer
David J. Parrin
Executive Vice President,
Chief Financial Officer
F-2