Tucows 2015 Annual Report Download - page 119

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our consolidated financial statements and supplementary data required by this item are attached to this Annual
Report on Form 10-K beginning on page F-1.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), management, with
the participation of our Chief Executive Officer and Chief Financial Officer, evaluated, as of the end of the period covered
by this report, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e).
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the
cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to
provide reasonable assurance of achieving their control objectives. Based on the evaluation of our disclosure controls and
procedures as of the end of the period covered by this annual report, our chief executive officer and chief financial officer
concluded that, as of December 31, 2015 our disclosure controls and procedures were effective at the reasonable assurance
level.
Management’s Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as
defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with accounting principles generally accepted in the United States of America and
includes those policies and procedures that:
●Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of our assets;
● Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with accounting principles generally accepted in the United States of America
● Provide reasonable assurance that our receipts and expenditures are being made only in accordance with
authorization of our management and directors; and
●Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, such as resource constraints, human error, lack of knowledge or awareness and
the possibility of intentional circumvention of these controls, internal control over financial reporting may not prevent or
detect misstatements. Furthermore, the design of any control system is based, in part, upon assumptions about the
likelihood of future events, for which assumptions may ultimately prove to be incorrect. Therefore, even those systems
determined to be effective can provide only reasonable assurance with respect to financial statement preparation and
presentation.
Management, including our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our
internal control over financial reporting as of December 31, 2015. In making this assessment, our management used the
criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
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