World Fuel Services 2012 Annual Report Download - page 57

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Management has assessed the effectiveness of our internal control over financial reporting as of
December 31, 2012 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, 2012. Management has excluded the CarterEnergy business and the Multi Service
business, (the ‘‘Excluded Businesses’’) from its assessment of internal control over financial reporting as
of December 31, 2012 because the Excluded Businesses were acquired during 2012. The total assets,
including goodwill and identifiable intangible assets, and total revenues of the Excluded Businesses
represent approximately 8.1% and 1.5%, respectively, of the related consolidated financial statement
amounts as of and for the year ended December 31, 2012.
The effectiveness of our internal control over financial reporting as of December 31, 2012 has been
audited by PricewaterhouseCoopers LLP, an independent registered certified public accounting firm, as
stated in their report appearing herein.
Changes in Internal Control over Financial Reporting
As of December 31, 2012, we have included NCS and Ascent, which were acquired in 2011, in our
assessment of the effectiveness of our internal control over financial reporting.
There were no changes in our internal control over financial reporting that materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting during the quarter ended
December 31, 2012.
It should be noted that any system of controls, however well designed and operated, can provide only
reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the
design of any control system is based in part upon certain assumptions about the likelihood of future
events. Because of these and other inherent limitations of control systems, there is only the reasonable
assurance that our controls will succeed in achieving their goals under all potential future conditions.
Item 9B. Other Information
None.
38