Cobalt Annual Report 2015 - page 94

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined by
Securities and Exchange Commission rules adopted under the Securities Exchange Act of 1934, as amended. Our 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 accounting principles generally accepted in the United States (GAAP).
Our 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 our assets;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations
of management and our directors; and
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
our assets that could have a material effect on the consolidated financial statements.
There are inherent limitations to the effectiveness of internal control over financial reporting, however well designed, including
the possibility of human error and the possible circumvention of or overriding of controls. The design of an internal control system is
also based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no
assurance that an internal control will be effective under all potential future conditions. As a result, even an effective system of
internal controls can provide no more than reasonable assurance with respect to the fair presentation of financial statements and the
processes under which they were prepared.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework
in Internal Control—Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway
Based on our evaluation, we concluded that our internal control over financial reporting was effective as of December 31, 2015.
The effectiveness of our internal control over financial reporting as of December 31, 2015 has been audited by Ernst & Young LLP,
an independent registered public accounting firm, as stated in their report, which is included herein.
Joseph H. Bryant
Shannon E. Young, III
Chairman of the Board of Directors and Chief
Executive Officer
Chief Financial Officer and Executive Vice
1...,84,85,86,87,88,89,90,91,92,93 95,96,97,98,99,100,101,102,103,104,...136
Powered by FlippingBook