Ryanair 2012 Annual Report Download - page 127

127
PART II
Item 13. Defaults, Dividend Arrearages and Delinquencies
None.
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
None.
Item 15. Controls and Procedures
DISCLOSURE CONTROLS AND PROCEDURES
The Company has carried out an evaluation, as of March 31, 2012, under the supervision and with the
participation of the Company‘s management, including the chief executive officer and chief financial officer, of
the effectiveness of the design and operation of the Company‘s disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act). There are inherent limitations to the effectiveness of
any system of disclosure controls and procedures, including the possibility of human error and the
circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and
procedures can only provide reasonable assurance of achieving their control objectives. Based upon the
Company‘s evaluation, the chief executive officer and chief financial officer have concluded that, as of March
31, 2012, the disclosure controls and procedures were effective to provide reasonable assurance that information
required to be disclosed in the reports the Company files or submits under the Exchange Act is recorded,
processed, summarized and reported as and when required, within the time periods specified in the applicable
rules and forms, and that it is accumulated and communicated to the Company‘s management, including the
chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required
disclosure.
MANAGEMENT‟S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING-
The Company‘s management is responsible for establishing and maintaining adequate internal control
over financial reporting, (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). The Company‘s
internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.
The Company‘s internal control over financial reporting includes those policies and procedures that:
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Company;
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; and
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.
The Company‘s management evaluated the effectiveness of the Company‘s internal control over
financial reporting as of March 31, 2012, based on the criteria established in ―Internal Control — Integrated
Framework,‖ issued by the Committee of Sponsoring Organizations of the Treadway Commission (―COSO‖).
Based on the evaluation, management has concluded that the Company maintained effective internal control
over financial reporting as of March 31, 2012.