Garmin 2008 Annual Report Download - page 102

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80
Item 9A. Controls and Procedures
(a) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including the Chief Executive Officer
and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure
controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report.
Based on the evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these
disclosure controls and procedures are effective.
(b) Management’s Report on Internal Control over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over
financial reporting for the Company. 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.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the 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’s assessment of and conclusion on the effectiveness of internal control over financial
reporting did not include the operations resulting from the six entities (collectively “the Acquisitions”) which were
acquired during fiscal 2008 and are included in the 2008 consolidated financial statements. The financial reporting
systems of the Acquisitions were integrated into the company’s financial reporting systems throughout 2008.
Therefore, the company did not have the practical ability to perform an assessment of their internal controls in time
for this current year end. The company fully expects to include the Acquisitions in next year’s assessment. The
Acquisitions constituted $76.9 million and $37.9 million of total and net assets, respectively, as of December 27,
2008 and $105.3 million and $5.8 million of revenues and net income, respectively, for the year then ended in the
consolidated financial statements.
Management of the Company assessed the effectiveness of the Company’s internal control over financial
reporting as of December 27, 2008. 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 such assessment and those criteria, management believes that the Company maintained effective
internal control over financial reporting as of December 27, 2008.
Ernst & Young LLP, the independent registered public accounting firm that audited the Company’s
consolidated financial statements, issued an attestation report on management’s effectiveness of the Company’s
internal control over financial reporting as of December 27, 2008, as stated in their report which is included herein.
That attestation report appears below.
(c) Attestation Report of the Independent Registered Public Accounting Firm