Cash America 2008 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 of the 2008 Cash America 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 144

  • 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
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

65
REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate internal control over financial
reporting and for the assessment of the effectiveness of the Company’s internal control over financial
reporting. The Company’s 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. The
Company’s 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 the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s
assets that could have a material effect on the financial statements.
Management assessed the effectiveness of the Company’s internal control over financial reporting
as of December 31, 2008. In making its assessment of the effectiveness of the Company’s internal control
over financial reporting, management of the Company has utilized the criteria established in Internal Control
– Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
Based on management’s assessment, we concluded that, as of December 31, 2008, the Company’s
internal control over financial reporting is effective based on those criteria. Management has excluded
Creazione Estilo, S.A. de C.V., SOFOM, E.N.R. (“Creazione”), operating under the trade name of Prenda
Fácil, from its assessment of internal control over financial reporting as of December 31, 2008 because 80%
of its outstanding stock was acquired by the Company in a purchase business combination in December
2008. Creazione’s total assets and total revenue were less than 7.9% and 0.2%, respectively of the related
consolidated financial statement amounts as of and for the year ended December 31, 2008.
The effectiveness of the Company’s internal control over financial reporting as of December 31,
2008 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm,
as stated in their report which appears in this Form 10-K.
/s/ DANIEL R. FEEHAN /s/ THOMAS A. BESSANT, JR.
Daniel R. Feehan Thomas A. Bessant, Jr.
President and Chief Executive Officer Executive Vice President and
Chief Financial Officer
February 27, 2009 February 27, 2009