Big Lots 2011 Annual Report Download - page 190

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has
evaluated the effectiveness of our disclosure controls and procedures, as that term is defined in Rules 13a-15(e)
and 15d-15(e) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period
covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have
each concluded that such disclosure controls and procedures were effective as of the end of the period covered
by this report.
Management’s Report on Internal Control over Financial Reporting
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) for us. Our internal control over financial
reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements in accordance with accounting principles generally accepted in the United
States of America.
Internal control systems, no matter how well designed and operated, have inherent limitations, including the
possibility of the circumvention or overriding of controls. Due to these inherent limitations, our internal control
over financial reporting may not prevent or detect misstatements. As a result, projections of effectiveness to
future periods are subject to 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 assessed the effectiveness of our internal control over financial reporting as of January 28,
2012. In making its assessment, management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control - Integrated Framework. Based on this
assessment, management, including the Chief Executive Officer and Chief Financial Officer, concluded
that we maintained effective internal control over financial reporting as of January 28, 2012. Management’s
assessment of and conclusion on the effectiveness of internal control over financial reporting did not include an
assessment of certain elements of internal controls over financial reporting of Liquidation World Inc. acquired
on July 18, 2011, which is included in our consolidated financial statements for the year ended January 28,
2012. Liquidation World Inc. accounts for 3% of total assets, 1% of revenues, and 6% of net income of the
consolidated financial statement amounts as of and for the year ended January 28, 2012.
Our independent registered public accounting firm, Deloitte & Touche LLP, has issued an attestation report on
our internal control over financial reporting. The report appears in the Financial Statements and Supplementary
Data section of this Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during our most recent
fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
ITEM 9B. OTHER INFORMATION
Not applicable.