Crash Course in Accounting and Financial Statement Analysis, Second Edition

Report of Management’s Responsibilities

Report of Management’s Responsibilities (Exhibit 4.8) describes the key roles of management, which include:

• Preparing the company’s financial statements and reports

• Being responsible for the company’s internal financial controls

• Allowing company directors and independent auditors to carry out their respective roles in ensuring the accuracy of the company’s financial statements

Exhibit 4.8. Report of Management’s Responsibilities Highlights Management’s Three Roles

MANAGEMENT’S REPORT

Management is responsible for the preparation, integrity and fair presentation of the consolidated financial statements and Notes to the consolidated financial statements. The financial statements were prepared in accordance with the accounting principles generally accepted in the U.S. and include certain amounts based on management’s judgement and best estimates. Other financial information presented is consistent with the financial statements. Management is also responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Company’s internal control over financial reporting is designed under the supervision of the Company’s principal executive and financial officers in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with ...