World Fuel Services 2004 Annual Report Download - page 49

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In our opinion, management's assessment that World Fuel Services Corporation did not maintain effective internal control over
financial reporting as of December 31, 2004, is fairly stated, in all material respects, based on criteria established in Internal
Control - Integrated Framework issued by the COSO. Also, in our opinion, because of the effect of the material weaknesses
described above on the achievement of the objectives of the control criteria, World Fuel Services Corporation has not
maintained effective internal control over financial reporting as of December 31, 2004, based on criteria established in Internal
Control - Integrated Framework issued by the COSO.
Management and we previously concluded that the Company did not maintain effective internal control over financial
reporting as of December 31, 2004 because of the material weaknesses described in 1) and 2) above. In connection with the
restatement of the Company’ s consolidated financial statements described in Note 2b) to the consolidated financial statements,
management has determined that the material weakness described in 3) above also existed as of December 31, 2004.
Accordingly, management and we have restated our respective reports on internal control over financial reporting to include
this additional material weakness.
/s/ PricewaterhouseCoopers LLP
Miami, Florida
March 31, 2005, except for the restatement described in Note 2b) to the consolidated financial statements and the matter
described in the penultimate paragraph of Management’ s Report on Internal Control Over Financial Reporting, as to which the
date is May 5, 2005.
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