World Fuel Services 2008 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2008 World Fuel Services 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 108

  • 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

Management has assessed the effectiveness of our internal control over financial reporting as of
December 31, 2008 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,
2008. Management has excluded certain assets acquired from Texor Petroleum Company, Inc., principally the
assets comprising its wholesale motor fuel distribution business and the Texor Petroleum trade name
(collectively, the “Texor business”), from its assessment of internal control over financial reporting as of
December 31, 2008 because the assets were acquired in a purchase business combination in June 2008. The
Texor business’ total assets and total revenues represent approximately 8.9% and 2.8%, respectively, of our
consolidated financial statement amounts as of and for the year ended December 31, 2008.
The effectiveness of our internal control over financial reporting as of December 31, 2008 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
As of December 31, 2008 we have included AVCARD, which was acquired in December 2007, in our
assessment of the effectiveness of our internal control over financial reporting as well as the impact on our
internal control environment related to the implementation of our enterprise integration project in the first quarter
of 2008, which consists of a company-wide financial and commercial information system upgrade.
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, 2008.
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.
39