Western Union 2008 Annual Report Download - page 44

WESTERN UNION
2008 Annual Report
4242
Management’s Report on the Financial
Statements
Our management is responsible for the preparation, integ-
rity and objectivity of the accompanying consolidated
financial statements and the related financial information.
The financial statements have been prepared in conformity
with accounting principles generally accepted in the United
States of America and necessarily include certain amounts
that are based on estimates and informed judgments. Our
management also prepared the related financial informa-
tion included in this Annual Report and is responsible for
its accuracy and consistency with the financial statements.
As stated in their report included elsewhere in this
Annual Report, the consolidated financial statements
have been audited by Ernst & Young LLP, an indepen-
dent registered public accounting firm who conducted
their audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States) as
of December 31, 2008 and 2007, and for each of the three
years in the period ended December 31, 2008. The inde-
pendent registered public accounting firm’s responsibility
is to express an opinion as to the fairness with which such
financial statements present our financial position, results
of operations and cash flows in accordance with account-
ing principles generally accepted in the United States.
Management’s Report on Internal Control
Over Financial Reporting
Our management is responsible for establishing and main-
taining adequate internal control over financial reporting
as defined in Rule 13a-15(f) under the Securities Exchange
Act of 1934. Western Union’s internal control over finan-
cial reporting is designed to provide reasonable assur-
ance regarding the reliability of financial reporting and
the preparation of consolidated financial statements for
external purposes in accordance with generally accepted
accounting principles. Western Union’s internal control
over financial reporting includes those policies and pro-
cedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of our assets; (ii) 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 are being made only
in accordance with authorizations of our management and
Board of Directors; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of our assets that could have
a material effect on the consolidated financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstate-
ments. 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 proce-
dures may deteriorate.
Management assessed the effectiveness of Western
Union’s internal control over financial reporting as of
December 31, 2008, utilizing the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal Control—Integrated
Framework. Based on this assessment and those criteria,
management determined that Western Union’s inter-
nal control over financial reporting was effective as of
December 31, 2008. Western Union’s internal control
over financial reporting as of December 31, 2008 has
been audited by Ernst & Young LLP, Western Union’s
independent registered public accounting firm, as stated
in their attestation report included in this Annual Report.
Christina A. Gold
President and Chief Executive Officer
Scott T. Scheirman
Executive Vice President and Chief Financial Officer