World Fuel Services 2004 Annual Report Download - page 47

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REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors
of World Fuel Services Corporation:
We have completed an integrated audit of World Fuel Services Corporation’ s 2004 consolidated financial statements and of its
internal control over financial reporting as of December 31, 2004 and audits of its December 31, 2003 and nine months ended
December 31, 2002 consolidated financial statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Our opinions, based on our audits, are presented below.
Consolidated financial statements
In our opinion, the consolidated financial statements listed in the index appearing under Item 15(a)(1) present fairly, in all
material respects, the financial position of World Fuel Services Corporation and its subsidiaries at December 31, 2004 and
2003, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2004
and the nine months ended December 31, 2002 in conformity with accounting principles generally accepted in the United
States of America. These financial statements are the responsibility of the Company’ s management. Our responsibility is to
express an opinion on these financial statements based on our audits. We conducted our audits of these statements in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
As described in Note 2, the Company has restated its consolidated financial statements for the years ended December 31, 2004
and 2003, and for the nine months ended December 31, 2002.
Internal control over financial reporting
Also, we have audited management's assessment, included in the restated Management’ s Report on Internal Control Over
Financial Reporting appearing under Item 9A, that World Fuel Services Corporation did not maintain effective internal control
over financial reporting as of December 31, 2004, because the Company did not maintain effective controls over (i) revenue
and cost of sales recognition, (ii) its inventory derivative program, and (iii) presentation in the statement of cash flows of
borrowings and repayments under the Company’ s revolving credit facility, based on criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting. Our responsibility is to express opinions on management's
assessment and on the effectiveness of the Company's internal control over financial reporting based on our audit.
We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was maintained in all material respects. An audit of
internal control over financial reporting includes obtaining an understanding of internal control over financial reporting,
evaluating management's assessment, testing and evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we consider necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinions.
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