Western Union 2009 Annual Report Download - page 144

Download and view the complete annual report

Please find page 144 of the 2009 Western Union annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 153

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, under the supervision and with the participation of the Principal Executive Officer and
Principal Financial Officer, have evaluated the effectiveness of our controls and procedures related to our
reporting and disclosure obligations as of December 31, 2009, which is the end of the period covered by this
Annual Report on Form 10-K. Based on that evaluation, the Principal Executive Officer and Principal
Financial Officer have concluded that, as of December 31, 2009, the disclosure controls and procedures were
effective to ensure that information required to be disclosed by us, including our consolidated subsidiaries, in
the reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported, as
applicable, within the time periods specified in the rules and forms of the Securities and Exchange
Commission, and are designed to ensure that information required to be disclosed by us in the reports that we
file or submit are accumulated and communicated to our management, including our Principal Executive
Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control Over Financial Reporting
Management’s report on Western Union’s internal control over financial reporting (as such term is defined
in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934), and the related Report of
Independent Registered Public Accounting Firm, are set forth under Item 8 of this Annual Report on
Form 10-K. Management’s annual report on internal control over financial reporting did not include an
assessment of and conclusion on the effectiveness of internal control over financial reporting of Custom
House, Ltd. (“Custom House”), which was acquired on September 1, 2009 and is included in our consolidated
financial statements as of December 31, 2009 and for the period from September 1, 2009 through
December 31, 2009. The assets of Custom House, excluding goodwill, constituted approximately 5% of our
total assets as of December 31, 2009, and Custom House revenues constituted approximately 0.6% of our total
revenues for the year ended December 31, 2009. Under guidelines established by the Securities and Exchange
Commission, companies are allowed to exclude acquisitions from their assessment of internal control over
financial reporting during the first year following the acquisition while integrating the acquired company.
Changes in Internal Control over Financial Reporting
During the quarter ended December 31, 2009, we completed the implementation of a new version of our
existing Oracle enterprise resource planning system. This implementation was subject to various testing and
review procedures prior to execution. We believe the conversion to and implementation of this new version
further strengthened our existing internal control over financial reporting by enhancing certain business
processes.
Other than the change described above, there has not been any change in our internal control over
financial reporting during our most recently completed fiscal quarter that has materially affected, or is
reasonably likely to materially affect, our internal controls over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
130