US Airways 2011 Annual Report Download - page 144
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Table of Contents
Management's Annual Report on Internal Control over Financial Reporting
Management of US Airways Group, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act. US Airways Group's internal control over financial reporting is 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. US Airways Group's internal control over financial reporting 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 the assets of US
Airways Group;
• 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 US Airways Group are being made only in accordance with
authorizations of management and directors of US Airways Group; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of US Airways Group's
assets that could 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 because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of US Airways Group's internal control over financial reporting as of December 31, 2011. In making this
assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-
Integrated Framework.
Based on our assessment and those criteria, management concludes that US Airways Group maintained effective internal control over financial
reporting as of December 31, 2011.
US Airways Group's independent registered public accounting firm has issued an audit report on the effectiveness of US Airways Group's internal
control over financial reporting. That report has been included herein.
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