Visa 2014 Annual Report Download - page 147

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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosures
Not applicable.
ITEM 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain a system of disclosure controls and procedures (as defined in the Rules 13a-15(e)
and 15(d)-15 (e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that is
designed to ensure that information required to be disclosed in our Exchange Act reports is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms,
and that such information is accumulated and communicated to our management, including our Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding
required disclosures.
Under the supervision and with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and
procedures. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer
concluded that, as of September 30, 2014, our disclosure controls and procedures were effective, at
the reasonable assurance level.
There are inherent limitations to the effectiveness of any system of disclosure controls and
procedures. These limitations include the possibility of human error, the circumvention or overriding of
the controls and procedures and reasonable resource constraints. In addition, because we have
designed our system of controls based on certain assumptions, which we believe are reasonable,
about the likelihood of future events, our system of controls may not achieve its desired purpose under
all possible future conditions. Accordingly, our disclosure controls and procedures provide reasonable
assurance, but not absolute assurance, of achieving their objectives.
Management’s Report on Internal Control over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal
control over financial reporting for the Company. Management assessed the effectiveness of the
Company’s internal control over financial reporting as of September 30, 2014. Based on
management’s assessment, management has concluded that the Company’s internal control over
financial reporting was effective as of September 30, 2014 using the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated
Framework (1992).
Our internal control over financial reporting is designed to provide reasonable, but not absolute,
assurance regarding the reliability of financial reporting and the preparation of financial statements in
accordance with U.S. generally accepted accounting principles. There are inherent limitations to the
effectiveness of any system of internal control over financial reporting. These limitations include the
possibility of human error, the circumvention or overriding of the system and reasonable resource
constraints. Because of its inherent limitations, our internal control over financial reporting may not
prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are
subject to the risks discussed in Item 1A—Risk Factors of this report.
The effectiveness of our internal control over financial reporting as of September 30, 2014, has
been audited by KPMG LLP, an independent registered public accounting firm and is included in Item 8
of this report.
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