TripAdvisor 2014 Annual Report Download - page 108
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98
The Company’s management evaluated the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2014, excluding an assessment of internal control over financial reporting of Lafourchette and Viator, and their
subsidiaries. Lafourchette and Viator were acquired on May 22, 2014 and August 8, 2014, respectively, whose consolidated financial
statements represent, in the aggregate, 2% of total assets, excluding goodwill and other intangibles, and 3% of total revenue,
respectively, of the Company’s consolidated financial statement amounts as of and for the year ended December 31,2014. Pursuant to
Exchange Act Rule 13a-15(d) or 15d-15(d), management has concluded that, as of December 31,2014, our internal control over
financial reporting was effective and these exclusions will not extend beyond one year from the acquisition dates stated herein.
Management has reviewed its assessment with the Audit Committee. KPMG LLP, an independent registered public accounting firm,
has audited the effectiveness of our internal control over financial reporting as of December 31, 2014, as stated in their report which is
included below.
Limitations on Effectiveness of Controls and Procedures
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 our company have been detected.