U-Haul 2016 Annual Report Download - page 45

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39
Item 8. Financial Statements and Supplementary Data
The Report of Independent Registered Public Accounting Firm and Consolidated Financial Statements
of AMERCO and its consolidated subsidiaries including the notes to such statements and the related
schedules are set forth on the “F” pages hereto and are incorporated by reference herein.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial
Disclosure
Not applicable.
Item 9A. Controls and Procedures
Attached as exhibits to this Annual Report are certifications of our Chief Executive Officer (“CEO”) and
Chief Accounting Officer (“CAO”), which are required in accordance with Rule 13a-14 of the Exchange
Act. This "Controls and Procedures" section includes information concerning the controls and procedures
evaluation referred to in the certifications and it should be read in conjunction with the certifications for a
more complete understanding of the topics presented in the section Evaluation of Disclosure Controls and
Procedures.
Following this discussion is the report of BDO USA, LLP, our independent registered public accounting
firm, regarding its audit of AMERCO’s internal control over financial reporting as set forth below in this
section. This section should be read in conjunction with the certifications of our CEO and CAO and the
BDO USA, LLP report for a more complete understanding of the topics presented.
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the CEO and CAO, 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 Annual Report. 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
Annual Report, 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 and CAO, as
appropriate to allow timely decisions regarding required disclosure. Based upon the controls evaluation,
our CEO and CAO have concluded that as of the end of the period covered by this Annual Report, our
Disclosure Controls were effective related to the above stated design purposes.
Inherent Limitations on Effectiveness of Controls
The Company's management, including the CEO and CAO, 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 because of changes in conditions or deterioration in
the degree of compliance with policies or procedures.