U-Haul 2011 Annual Report Download - page 45

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40
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) to provide reasonable
assurance regarding the reliability of our financial reporting and the preparation of financial statements for
external purposes in accordance with GAAP. Internal control over financial reporting includes those
policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately
and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with GAAP, and that receipts and expenditures of the Company are being made only in
accordance with authorizations of management and directors of the Company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company's assets that could have a material effect on the financial statements.
Management assessed our internal control over financial reporting as of March 31, 2011, the end of our
fiscal year. Management based its assessment on criteria established in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Management's assessment included evaluation of such elements as the design and operating
effectiveness of key financial reporting controls, process documentation, accounting policies, and our
overall control environment. This assessment is supported by testing and monitoring performed both by
our Internal Audit organization and our Finance organization.
Based on our assessment, management has concluded that our internal control over financial reporting
was effective as of the end of the fiscal year 2011. We reviewed the results of management's assessment
with the Audit Committee of our Board.
Our independent registered public accounting firm, BDO USA, LLP, has audited the Company's internal
control over financial reporting and has issued their report, which is included on the following page.