Shutterfly 2010 Annual Report Download - page 88
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During the quarter ended December 31, 2009, management tested the design and operating effectiveness of the newly implemented controls
and concluded that the material weakness described above has been remediated as of December 31, 2009.
Changes in Internal Control Over Financial Reporting
As described above under Remediation of Material Weakness, there were changes in internal control over financial reporting that occurred
during the quarter ended December 31, 2009 that materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
Limitation on Effectiveness of Controls
Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect
all error and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only
reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that
misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been
detected.
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