Etsy 2015 Annual Report Download - page 107
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During the quarter ended September 30, 2015, we substantially completed the assessment of the design of existing controls and implemented new controls as
needed to remediate the previously identified material weaknesses. However, as we had yet to complete the testing and evaluation of the operating
effectiveness of controls, the previously disclosed material weaknesses remained unremediated as of the end of the third quarter.
For the quarter ended December 31, 2015 we completed the testing and evaluation of the operating effectiveness of the controls, and based on the results of
our testing, the controls were determined to be designed and operating effectively as of December 31, 2015. Accordingly, we concluded the previously
reported material weaknesses have been remediated as of December 31, 2015.
There were no changes in our internal control over financial reporting identified during the fourth quarter of 2015 that materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving the desired
control objectives. Our management recognizes that any control system, no matter how well designed and operated, is based upon certain judgments and
assumptions and cannot provide absolute assurance that its objectives will be met. Similarly, an evaluation of controls cannot provide absolute assurance
that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.
None.
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