MoneyGram 2011 Annual Report Download - page 84

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 over financial reporting 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 over financial reporting, 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, 2011. 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, 2011.
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/ JAMES E. SHIELDS
Pamela H. Patsley
Chairman and Chief Executive Officer
(Principal Executive Officer)
James E. Shields
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
F−2