World Fuel Services 2007 Annual Report Download - page 46

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64435 TX 38WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 10:26 EST
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9.9.26
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting
principles in the United States of America. Our internal control over financial reporting includes those policies
and procedures 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 in the United States of America, and that receipts and expenditures are being made only in
accordance with authorizations of management and our directors; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have
a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. 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 procedures may deteriorate.
Management has assessed the effectiveness of our internal control over financial reporting as of
December 31, 2007 using the framework specified in Internal Control—Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on such assessment,
management has concluded that our internal control over financial reporting was effective as of December 31,
2007. Management has excluded AVCARD from its assessment of internal control over financial reporting as of
December 31, 2007 because it was acquired by us in a purchase business combination in December 2007.
AVCARD is a wholly owned subsidiary whose total assets and total revenues represent approximately 5.0% and
0.1%, respectively, of our consolidated financial statement amounts as of and for the year ended December 31,
2007.
The effectiveness of our internal control over financial reporting as of December 31, 2007 has been audited
by PricewaterhouseCoopers LLP, an independent registered certified public accounting firm, as stated in their
report appearing herein.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting during the quarter ended
December 31, 2007.
It should be noted that any system of controls, however well designed and operated, can provide only
reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of
any control system is based in part upon certain assumptions about the likelihood of future events. Because of
these and other inherent limitations of control systems, there is only the reasonable assurance that our controls
will succeed in achieving their goals under all potential future conditions.
Item 9B. Other Information
None.
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