Thrifty Car Rental 2009 Annual Report Download - page 88

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company maintains a set of disclosure controls and procedures designed to ensure that
information required to be disclosed by the Company in reports that it files or submits under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the
time periods specified in Securities and Exchange Commission (“SEC”) rules and forms. The
disclosure controls and procedures are also designed with the objective of ensuring such
information is accumulated and communicated to the Company’s management, including the
Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow
timely decisions regarding required disclosures. In designing and evaluating the disclosure
controls and procedures, management recognized that disclosure controls and procedures, no
matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the disclosure controls and procedures are met. Additionally, in designing
the disclosure controls and procedures, the Company’s management was required to apply its
judgment in evaluating the cost-benefit relationship of possible disclosure controls and
procedures.
As required by SEC Rule 13a-15(b), the Company carried out an evaluation, under the
supervision and with the participation of the Company’s management, including the CEO and
CFO, of the effectiveness of the design and operation of the Company’s disclosure controls and
procedures as of the end of the period covered by this report. Based on that evaluation, the CEO
and CFO have concluded that the Company’s disclosure controls and procedures are effective at
the reasonable assurance level as of the end of the period covered by this report.
Internal Control Over Financial Reporting
Management’s Annual Report on Internal Control Over Financial Reporting
The management of the Company is responsible for establishing and maintaining adequate
internal control over financial reporting. The internal control system was designed to provide
reasonable assurance to the Company’s management and board of directors regarding the
preparation and fair presentation of published financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore,
even those systems determined to be effective can provide only reasonable assurance with
respect to financial statement preparation and presentation.
The Company’s management assessed the effectiveness of the Company’s internal control over
financial reporting as of December 31, 2009. In making this assessment, the Company used the
criteria for effective internal control over financial reporting set forth in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on management’s assessment, management asserts that as of
December 31, 2009, the Company’s internal control over financial reporting is effective based on
those criteria.
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