American Airlines 2000 Annual Report Download - page 37

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35
The management of AMR Corporation is responsible for
the integrity and objectivity of the Company’s financial
statements and related information. The financial state-
ments have been prepared in conformity with account-
ing principles generally accepted in the United States
and reflect certain estimates and judgments of manage-
ment as to matters set forth therein.
AMR maintains a system of internal controls
designed to provide reasonable assurance, at reasonable
cost, that its financial records can be relied upon in the
preparation of financial statements and that its assets
are safeguarded against loss or unauthorized use. An
important element of the Company’s control systems
is the ongoing program to promote control conscious-
ness throughout the organization. Management’s com-
mitment to the program is evidenced by organizational
arrangements that provide for divisions of responsibility,
effective communication of policies and procedures,
selection of competent financial managers and develop-
ment and maintenance of financial planning and report-
ing systems.
Management continually monitors the system for
compliance. AMR maintains a strong internal auditing
program that independently assesses the effectiveness
of the internal controls and recommends possible
improvements. Ernst & Young, independent auditors, is
engaged to audit the Company’s financial statements.
Ernst & Young obtains and maintains an understanding
of the internal control structure and conducts such tests
and other auditing procedures considered necessary in
the circumstances to render the opinion on the financial
statements contained in their report.
The Audit Committee of the Board of Directors,
composed entirely of independent directors, meets reg-
ularly with the independent auditors, management and
internal auditors to review their work and confirm that
they are properly discharging their responsibilities. In
addition, the independent auditors and the internal
auditors meet periodically with the Audit Committee,
without the presence of management, to discuss the
results of their work and other relevant matters.
Donald J. Carty
Chairman, President and
Chief Executive Officer
Thomas W. Horton
Senior Vice President and
Chief Financial Officer
REPORT OF MAN AGEMENT