MoneyGram 2013 Annual Report Download - page 69

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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 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, 2013
. In making this
assessment, management used the criteria set forth in Internal Control - Integrated Framework (1992)
issued by the Committee of Sponsoring
Organizations of the Treadway Commission. 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, 2013 .
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.
F-2
/s/ P AMELA H. P ATSLEY /s/ W. A LEXANDER H OLMES
Pamela H. Patsley
Chairman and Chief Executive Officer
(Principal Executive Officer)
W. Alexander Holmes
Executive Vice President, Chief Financial Officer and Chief
Operating Officer
(Principal Financial Officer)