MoneyGram 2009 Annual Report Download - page 78

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, 2009. 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, 2009.
The Company's independent registered public accounting firm, Deloitte & Touche LLP, has been engaged to audit our financial
statements and the 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/ PAMELA H. PATSLEY /s/ JEAN C. BENSON
Pamela H. Patsley
Chairman and Chief Executive Officer
Jean C. Benson
Senior Vice President and Controller
(Interim Principal Financial Officer)
F-2