The financial statements and related
financial information in this annual report have been prepared
by management which is responsible for their integrity, objectivity
and consistency. The financial statements were prepared in accordance
with generally accepted accounting principles and necessarily
include amounts which are based upon judgments and estimates
made by management.
The Company maintains a system of internal
controls designed to provide, at appropriate cost, reasonable
assurance that assets are safeguarded, transactions are executed
in accordance with management’s authorization and the accounting
records may be relied upon for the preparation of financial
statements. The system of controls includes the careful selection
and training of associates, and the communication and application
of formal policies and procedures that are consistent with high
standards of accounting and administrative practices. The accounting
and control systems are continually reviewed, evaluated and
where appropriate, modified to accommodate changing business
conditions and the recommendations of the Company’s internal
auditors and the independent public accountants.
An Audit Committee, comprised of members
of the Board of Directors who are neither officers nor employees
of the Company, meets periodically with management, internal
auditors and the independent public accountants to review matters
relating to the Company’s financial reporting, the adequacy
of internal accounting controls and the scope and results of
audit work. The Committee is responsible for reporting the results
of its activities and for recommending the selection of independent
auditors to the full Board of Directors. The internal auditors
and the independent public accountants have free access to the
Committee and the Board of Directors.
The financial statements have been examined
by PricewaterhouseCoopers LLP, whose report appears separately.
Their report expresses an opinion as to the fair presentation
of the consolidated financial statements and is based on an
independent examination performed in accordance with generally
accepted auditing standards. |
