Avis 2011 Annual Report Download - page 51

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45
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See Consolidated Financial Statements and Consolidated Financial Statement Index commencing on Page F-1 hereof.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures. Under the supervision and with the participation of our Chief Executive Officer
and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our disclosure controls and
procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this
annual report.
(b) Management’s Annual Report on Internal Control Over Financial Reporting. Our management is responsible for
establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-
15(f) under the Exchange Act. Our management assessed the effectiveness of our internal control over financial
reporting as of December 31, 2011. In making this assessment, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework. Based
on this assessment, our management believes that, as of December 31, 2011, our internal control over financial reporting
is effective. Our management has excluded Avis Budget EMEA Limited and subsidiaries (formerly Avis Europe plc)
from our assessment of internal control over financial reporting as of December 31, 2011, as permitted, because we
acquired Avis Europe plc on October 3, 2011. Avis Budget EMEA Limited is a wholly owned subsidiary of Avis
Budget Group and constituted 20% of consolidated total assets and 6% of consolidated revenues as of and for the year
ended December 31, 2011. The effectiveness of the Company’s internal control over financial reporting as of December
31, 2011, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm. Their
attestation report is included below.
(c) Changes in Internal Control Over Financial Reporting. During the last fiscal quarter, there has been no change in the
Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control
over financial reporting.