Thrifty Car Rental 2011 Annual Report Download - page 90

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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, 2011. 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, 2011, the Company’s internal control over financial
reporting is effective based on those criteria.
Ernst & Young LLP has issued its report with respect to the Company’s internal control over
financial reporting, which appears below under “Attestation Report of the Independent
Registered Public Accounting Firm”.