Public Storage 2015 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2015 Public Storage 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


ITEM 9A. Controls and Procedures
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
:HPDLQWDLQGLVFORVXUHFRQWUROVDQGSURFHGXUHVWKDWDUHGHVLJQHGWRHQVXUHWKDWLQIRUPDWLRQUHTXLUHGWREH
GLVFORVHG LQ UHSRUWV ZH ILOH DQG VXEPLW XQGHU WKH 6HFXULWLHV ([FKDQJH $FW RI  DV DPHQGHG WKH ³([FKDQJH
$FW´LVUHFRUGHGSURFHVVHGVXPPDUL]HGDQGUHSRUWHGZLWKLQWKHWLPHSHULRGVVSHFLILHG LQDFFRUGDQFHZLWK6(&
JXLGHOLQHVDQGWKDW VXFK LQIRUPDWLRQLVFRPPXQLFDWHGWRRXUPDQDJHPHQWLQFOXGLQJRXU&KLHI([HFXWLYH2IILFHU
DQG &KLHI )LQDQFLDO 2IILFHU WR DOORZ WLPHO\ GHFLVLRQV UHJDUGLQJ UHTXLUHG GLVFORVXUH EDVHG RQ WKH GHILQLWLRQ RI
GLVFORVXUH FRQWUROV DQG SURFHGXUHV LQ 5XOHV DH DQG GH RI WKH ([FKDQJH $FW  ,Q GHVLJQLQJ DQG
HYDOXDWLQJ WKH GLVFORVXUH FRQWUROV DQG SURFHGXUHV PDQDJHPHQW UHFRJQL]HG WKDW DQ\ FRQWUROV DQG SURFHGXUHV QR
PDWWHU KRZ ZHOO GHVLJQHG DQG RSHUDWHG FDQ SURYLGH RQO\ UHDVRQDEOH DVVXUDQFH RI DFKLHYLQJ WKH GHVLUHG FRQWURO
REMHFWLYHVDQGPDQDJHPHQWQHFHVVDULO\ZDVUHTXLUHGWRDSSO\LWVMXGJPHQWLQHYDOXDWLQJWKHFRVWEHQHILWUHODWLRQVKLS
RI SRVVLEOH FRQWUROV DQG SURFHGXUHV LQ UHDFKLQJ WKDW OHYHO RI UHDVRQDEOH DVVXUDQFH  :H DOVR KDYH LQYHVWPHQWV LQ
FHUWDLQXQFRQVROLGDWHGUHDOHVWDWHHQWLWLHVDQGEHFDXVHZHGRQRWFRQWUROWKHVHHQWLWLHVRXUGLVFORVXUHFRQWUROVDQG
SURFHGXUHVZLWKUHVSHFWWRVXFKHQWLWLHVDUH VXEVWDQWLDOO\PRUHOLPLWHGWKDQWKRVHZHPDLQWDLQZLWKUHVSHFWWRRXU
FRQVROLGDWHGVXEVLGLDULHV
$VRI'HFHPEHUZHFDUULHGRXWDQHYDOXDWLRQXQGHUWKHVXSHUYLVLRQDQGZLWKWKHSDUWLFLSDWLRQRI
PDQDJHPHQWLQFOXGLQJRXU&KLHI([HFXWLYH2IILFHUDQG&KLHI)LQDQFLDO2IILFHURIWKHHIIHFWLYHQHVVRIWKHGHVLJQ
DQGRSHUDWLRQRIRXUGLVFORVXUHFRQWUROVDQGSURFHGXUHVDVVXFKWHUPLVGHILQHGLQ5XOHVDHDQGGHRI
WKH([FKDQJH$FW%DVHGRQWKDWHYDOXDWLRQRXU&KLHI([HFXWLYH2IILFHUDQG &KLHI)LQDQFLDO2IILFHUFRQFOXGHG
WKDWRXUGLVFORVXUHFRQWUROVDQGSURFHGXUHVZHUHHIIHFWLYHDVRI'HFHPEHUDWDUHDVRQDEOHDVVXUDQFHOHYHO
Management’s Report on Internal Control Over Financial Reporting
2XU PDQDJHPHQW LV UHVSRQVLEOH IRU HVWDEOLVKLQJ DQG PDLQWDLQLQJ DGHTXDWH LQWHUQDO FRQWURO RYHU ILQDQFLDO
UHSRUWLQJDVVXFKWHUPLVGHILQHGLQ5XOHVDIDQGGIRIWKH([FKDQJH$FW8QGHUWKHVXSHUYLVLRQDQG
ZLWKWKHSDUWLFLSDWLRQRI RXUPDQDJHPHQWLQFOXGLQJRXU &KLHI ([HFXWLYH 2IILFHU DQG&KLHI)LQDQFLDO2IILFHU ZH
FRQGXFWHGDQHYDOXDWLRQRIWKHHIIHFWLYHQHVVRIRXULQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJEDVHGRQWKHIUDPHZRUN
LQInternal Control-Integrated FrameworkLVVXHGE\WKH&RPPLWWHHRQ6SRQVRULQJ2UJDQL]DWLRQVRIWKH7UHDGZD\
&RPPLVVLRQ  )UDPHZRUN  %DVHG RQ RXU HYDOXDWLRQ XQGHU WKH IUDPHZRUN LQ Internal Control-Integrated
Framework RXU PDQDJHPHQW FRQFOXGHG WKDW RXU LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ ZDV HIIHFWLYH DV RI
'HFHPEHU
7KHHIIHFWLYHQHVVRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDVRI'HFHPEHUKDVEHHQDXGLWHGE\
(UQVW<RXQJ//3DQLQGHSHQGHQWUHJLVWHUHGSXEOLFDFFRXQWLQJILUP(UQVW<RXQJ//3¶VUHSRUWRQRXULQWHUQDO
FRQWURORYHUILQDQFLDOUHSRUWLQJDSSHDUVEHORZ
Changes in Internal Control Over Financial Reporting
7KHUHKDYHQRWEHHQDQ\FKDQJHVLQRXULQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDVVXFKWHUPLVGHILQHGLQ
5XOHVDIDQGGIXQGHUWKH([FKDQJH$FWGXULQJWKHIRXUWKTXDUWHURIWRZKLFKWKLVUHSRUWUHODWHV
WKDW KDYH PDWHULDOO\ DIIHFWHG RU DUH UHDVRQDEOH OLNHO\ WR PDWHULDOO\ DIIHFW RXU LQWHUQDO FRQWURO RYHU ILQDQFLDO
UHSRUWLQJ