Callaway 2015 Annual Report Download - page 57

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41
of the Exchange Act). Management assessed the effectiveness of the Company’s internal control over financial reporting as
of December 31, 2015. In making this assessment, management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission (“COSO”) in its report entitled Internal Control—Integrated Framework (2013).
Based on that assessment, management concluded that as of December 31, 2015, the Company’s internal control over financial
reporting was effective based on the COSO criteria.
Changes in Internal Control over Financial Reporting. During the fourth quarter ended December 31, 2015, there were
no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely
to materially affect, the Company’s internal control over financial reporting.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on
a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future
periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2015 has been audited
by Deloitte & Touche LLP, the Company’s independent registered public accounting firm, as stated in its report which is
included herein.
Item 9B. Other Information
None.