World Fuel Services 2011 Annual Report Download - page 60

Item 8. Financial Statements and Supplementary Data
The financial statements, together with the report thereon of PricewaterhouseCoopers LLP dated
February 23, 2012, and the Selected Quarterly Financial Data (Unaudited), are set forth in Item 15 of this
2011 10-K Report.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Management’s Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to
be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms, and that such
information is accumulated and communicated to our management, including our CEO and CFO, as
appropriate, to allow timely decisions regarding required financial disclosure.
As of the end of the period covered by this report, we evaluated, under the supervision and with the
participation of our CEO and CFO, the effectiveness of the design and operation of our disclosure
controls and procedures pursuant to Exchange Act Rule 13a-15(e). Based upon this evaluation, the CEO
and CFO concluded that our disclosure controls and procedures were effective at a reasonable
assurance level as of December 31, 2011.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our 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 in the United States of America. Our internal control over financial
reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles in the United States of America,
and that receipts and expenditures are being made only in accordance with authorizations of
management and our directors; and (iii) provide reasonable assurance regarding prevention or timely
detection of the unauthorized acquisition, use or disposition of assets that could have a material effect
on the financial statements.
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 has assessed the effectiveness of our internal control over financial reporting as of
December 31, 2011 using the framework specified in Internal Control – Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on such
assessment, management has concluded that our internal control over financial reporting was effective
as of December 31, 2011. Management has excluded NCS and Ascent, (the ‘‘Excluded Companies’’)
from its assessment of internal control over financial reporting as of December 31, 2011 because the
Excluded Companies were acquired during 2011. The total assets, including goodwill and intangible
assets, and total revenues of the Excluded Companies represent approximately 5.1% and 1.4%,
respectively, of the related consolidated financial statement amounts as of and for the year ended
December 31, 2011.
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