Royal Caribbean Cruise Lines 2011 Annual Report Download - page 62

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2011 ANNUAL REPORT 58
PART II
MANAGEMENT’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
Our management is responsible for establishing and
maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act
Rule 13a-15(f). Our management, with the participation
of our Chairman and Chief Executive Officer and our
Executive Vice President and Chief Financial Officer,
conducted an evaluation of the effectiveness of our
internal control over financial reporting based on the
framework in Internal Control—Integrated Framework
issued by the Committee of Sponsoring Organizations
of the Treadway Commission. Based on this evaluation,
management concluded that our internal control over
financial reporting was effective as of December 31,
2011. The effectiveness of our internal control over
financial reporting as of December 31, 2011 has been
audited by PricewaterhouseCoopers LLP, the inde-
pendent registered certified public accounting firm
that audited our consolidated financial statements
included in this Annual Report on Form 10-K, as stated
in its report, which is included herein on page 66.
CHANGES IN INTERNAL CONTROLS OVER
FINANCIAL REPORTING
There were no changes in our internal control over
financial reporting identified in connection with the
evaluation required by paragraph (d) of Exchange Act
Rules 13a-15 during the quarter ended December 31,
2011 that have materially affected, or are reasonably
likely to materially affect, our internal control over
financial reporting.
INHERENT LIMITATIONS ON EFFECTIVENESS
OF CONTROLS
It should be noted that any system of controls, how-
ever well designed and operated, can provide only
reasonable, and not absolute, assurance that the
objectives of the system will be met. In addition, the
design of any control system is based in part upon
certain assumptions about the likelihood of future
events. Because of these and other inherent limita-
tions of control systems, there is only the reasonable
assurance that our controls will succeed in achieving
their goals under all potential future conditions.
ITEM 9B. OTHER INFORMATION
None.