U-Haul 2007 Annual Report Download - page 52

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46
It
e certifications and the BDO Seidman, LLP report for a more complete understanding of the
E
have concluded that as
r Disclosure Controls were effective.
In
cause of changes in conditions or deterioration in the degree of compliance with policies or
C
affected, or are reasonably likely to materially affect, the Company’ s internal control over financial
reporting.
em 9A.
Controls and Procedures
Attached as exhibits to this Form 10-K are certifications of the registrants’ Chief Executive Officer (CEO), Chief
Accounting Officer (CAO) and U-Haul’ s Chief Financial Officer (CFO), which are required in accordance with
Rule 13a-14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This "Controls and
Procedures" section includes information concerning the controls and controls evaluation referred to in the
certifications. Following this discussion is the report of BDO Seidman, LLP, our independent registered public
accounting firm, regarding its audit of AMERCO’ s internal control over financial reporting and of management's
assessment of internal control over financial reporting set forth below in this section. This section should be read in
conjunction with th
topics presented.
valuation of Disclosure Controls and Procedures
The Company’ s management, with the participation of the CEO, CAO, and U-Haul’ s CFO, conducted an
evaluation of the effectiveness of the design and operation of the Company’ s "disclosure controls and procedures"
(as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) (“Disclosure Controls”) as of the end
of the period covered by this Form 10-K. Our Disclosure Controls are designed to reasonably assure that
information required to be disclosed in our reports filed under the Exchange Act, such as this Form 10-K, is
recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our
Disclosure Controls are also designed to reasonably assure that such information is accumulated and communicated
to our management, including the CEO, CAO and U-Haul’ s CFO, as appropriate to allow timely decisions regarding
required disclosure. Based upon the controls evaluation, our CEO, CAO and U-Haul’ s CFO
of the end of the period covered by this Form 10-K, ou
herent Limitations on Effectiveness of Controls
The Company's management, including the CEO, CAO and U-Haul’ s CFO, does not expect that our Disclosure
Controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control
system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the
control system's objectives will be met. The design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent
limitations in all control systems, 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. These inherent limitations include the realities that judgments in decision-making can be faulty and that
breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts
of some persons, by collusion of two or more people, or by management override of the controls. The design of any
system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no
assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections
of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become
inadequate be
procedures.
hanges in Internal Control over Financial Reporting
There have not been any changes in the Company’ s internal control over financial reporting (as such term is
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that have
materially