TeleNav 2011 Annual Report Download - page 71

Table of Contents
Management assessed our internal control over financial reporting as of June 30, 2011. Management based its assessment on criteria
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on our assessment, management has concluded that our internal control over financial reporting was effective as of June 30, 2011. The
certifications of our principal executive officer and principal financial officer attached as Exhibits 31.1 and 31.2 to this report include, in
paragraph 4 of such certifications, information concerning our disclosure controls and procedures and internal controls over financial reporting.
Ernst & Young LLP, an independent registered public accounting firm, has issued a report on our internal control over financial reporting,
which is included below.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2011 that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the Effectiveness of Controls
Control systems, no matter how well conceived and operated, are designed to provide a reasonable, but not an absolute, level of assurance
that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints,
and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of
controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Because of the inherent
limitations in any control system, misstatements due to error or fraud may occur and not be detected.
67