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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 35 / 83

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35 / 83

disclosure

Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K controls and procedures pursuant to Rule 13a-15(e) of the Securities

Exchange

Act of 1934

(the

"Exchange

Act"),

which

disclosure

controls

and

procedures are designed to insure that in

company

in the

reports

processed,

summarized

and

that it files reported within

formation required to be disclosed by a under the Exchange Act is recorded, required time periods specified by the

SEC's

rules

and

forms.

Based on this

evaluation and as a result

from the SEC Staff Company determined accounting entries

pertaining to our 200

that its

disclosure

c

relating

to debt and

e

of comments 4 and 2005

received financial

in December statements,

2005 the

ontrols were not effective quity instruments required

because some adjustment.

These adjustments required restatement statements and our quarterly reports fo and September 30, 2005, as disclosed in o April 17, 2006 and described under Footno statements contained herein.

s r

ur te

to the

our December

31, 2004

periods

ending

March

financial

31,

June

30

Current 2 to our

Report on Form 8-K filed on December 31, 2005 financial

Our

disclosure

controls and

employees and and complex financial

accountants instruments.

procedures

were not

lacked

accounting

effective because company knowledge and experience with

To remedy increased

this

its

situation,

during the qu

accounting

staff,

engaged

a

arter ended March 31, 2006, the Company n outside accountant as a consultant to

supplement its on accounting

technical resources and to issues within the company.

provide We are

technical providing

support and

guidance

additional

outside

professional educational accounting staff.

courses,

seminars

and

training

for members of our

We believe that these remedial measures which we are

implementing,

will permit

us to conclude, as we move

forward during fiscal year 2006,

that our "disclosure

controls

and

procedures"

(as

such

term

is

defined

in

Rules

13a-15(e)

or

15d-15(e)

of the

Securities

Exchange Act of 1934,

as amended (the

"Exchange

Act") will be effective required to disclose in

to provide reasonable

reports

that

we

file

or

assurance that information

submit

under

the

Exchange

we are Act is

recorded,

processed,

summarized

and

reported

within

the

time

periods

specified

in the Securities

other

change

in

our

and Exchange

Commission

internal

controls

over

rules and financial

forms.

There has been

reporting

identified

no in

connection

with that evaluation that occurred during the period covered by this

report that affect, our

has materially internal control

affected,

or is

reasonably

over

financial

reporting.

likely to

materially

(b) Changes In Internal Control Over Financial Reporting.

There

were

changes

in

our

internal

control

over

financial

reporting during the

last fiscal year and/or up to in (a) above that we believe

and including the date

materially

affected,

of

this filing as

or

are reasonably

disclosed likely to

materially

affect,

our

internal

control

over

financial

reporting.

  • -

    30-

(c) Limitation

s.

Our managemen Financial Off controls over

t, icer,

including does not

our Prin expect t

financial

reporting

wi

fraud.

Howeve

r,

we

believe

that

our

pr

ovide

ma

tter

reasonable

assuranc

how

well

designed

an

designed

to

system,

no

not

absolute,

Further,

the

resource

cons

to their

costs

and

the

benefit

of

the

inheren

assurance that the design of a control

traints,

.

Because

co syst

evaluation

of

controls

can

provide

abs

cipal

Executive

hat our

disclos

Officer

and

ure

controls

o

all e

rrors or

cont

rols and

ll prevent

all in

disclosure

proce

e d

of achieving t

operated,

can

ntrol

system's

em

must

reflec

s

of controls mu

t

limitations i

his

objective.

provide only r objectives wi t the fact that st be considere n all control s

olute

assurance

that all cont

Principal r internal stances of dures are A control easonable, ll be met. there are d relative ystems, no rol issues

35

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