Ryanair 2016 Annual Report Download - page 140

140
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, 2016, 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, 2016, 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, 2016, based on the criteria established in the 2013 Framework 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, 2016.
Our independent registered public accounting firm, KPMG, has issued an auditor’s report on the Company’s
internal control over financial reporting, which is included in its entirety below.