U-Haul 2007 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2007 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

48
UBLIC ACCOUNTING FIRM ON INTERNAL
PORTING
rectors and Stockholders
R
and an opinion on the
ef
considered necessary in the circumstances. We believe that our audit provides a reasonable
ba
acquisition, use, or disposition of the company’ s assets that
co
use of changes in conditions, or that the degree of compliance with the
po
rial respects, effective internal control over financial reporting as of
M
s in the period ended March 31, 2007, and our report dated
June
/s/ BDO Seidman, LLP
ona
June 6, 2007
REPORT OF INDEPENDENT REGISTERED P
CONTROL OVER FINANCIAL RE
Board of Di
AMERCO
eno, Nevada
We have audited management’ s assessment, included in the accompanying “Item 9A, Management Report on
Internal Control Over Financial Reporting”, that AMERCO and consolidated entities (the “Company”) maintained
effective internal control over financial reporting as of March 31, 2007, based on criteria established in Internal
Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (the COSO criteria). The Company’ s management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of internal control over financial
reporting. Our responsibility is to express an opinion on management’ s assessment
fectiveness of the company’ s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, evaluating management’ s
assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such
other procedures as we
sis for our opinion.
A company’ s 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 generally accepted accounting principles. A company’ s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
uld have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate beca
licies or procedures may deteriorate.
In our opinion, management’ s assessment that the Company maintained effective internal control over financial
reporting as of March 31, 2007, is fairly stated, in all material respects, based on the COSO criteria. Also in our
opinion, the Company maintained, in all mate
arch 31, 2007, based on the COSO criteria.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheets of the Company and consolidated entities as of March 31, 2007 and
2006 and the related consolidated statements of operations, changes in stockholders’ equity, other comprehensive
income (loss), and cash flows for each of the three year
6, 2007 expressed an unqualified opinion thereon.
Phoenix, Ariz