Coca Cola 2003 Annual Report Download - page 104

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23FEB200422184460
20FEB200423092947
25FEB200412544370
REPORT OF MANAGEMENT
The Coca-Cola Company and Subsidiaries
We are responsible for the preparation and integrity of the Consolidated Financial Statements appearing in our
Annual Report on Form 10-K. The financial statements were prepared in conformity with generally accepted
accounting principles appropriate in the circumstances and, accordingly, include certain amounts based on our best
judgments and estimates. Financial information in this Annual Report on Form 10-K is consistent with that in the
financial statements.
We are responsible for maintaining a system of internal accounting controls and procedures to provide
reasonable assurance that assets are safeguarded and that transactions are authorized, recorded and reported
properly. Internal accounting controls include disclosure controls and procedures designed to provide reasonable
assurance that information required to be disclosed is appropriately recorded, summarized and reported.
The internal accounting control system is augmented by a program of internal audits and appropriate reviews by
management, written policies and guidelines, careful selection and training of qualified personnel and a written Code
of Business Conduct adopted by our Company’s Board of Directors, applicable to all Company Directors and all
officers, employees of our Company and our subsidiaries. In our opinion, our Company’s internal accounting controls
provide reasonable assurance that assets are safeguarded against material loss from unauthorized use or disposition
and that the financial records are reliable for preparing financial statements and other data and for maintaining
accountability of assets. In addition, in our opinion, our Company’s disclosure controls and procedures provide
reasonable assurance that appropriate information is accumulated and communicated to senior management to allow
timely decisions regarding required disclosures.
The Audit Committee of our Company’s Board of Directors, composed solely of Directors who are independent
in accordance with the requirements of the New York Stock Exchange listing standards and the Company’s Corporate
Governance Guidelines, meets with the independent auditors, management and internal auditors periodically to
discuss internal accounting controls and auditing and financial reporting matters. The Committee reviews with the
independent auditors the scope and results of the audit effort. The Committee also meets periodically with the
independent auditors and the chief internal auditor without management present to ensure that the independent
auditors and the chief internal auditor have free access to the Committee. Our Audit Committee’s Report can be
found in the Company’s annual proxy statement.
The independent auditors, Ernst & Young LLP, are appointed by the Audit Committee of the Board of Directors,
subject to ratification by our Company’s share owners. Ernst & Young LLP is engaged to audit the Consolidated
Financial Statements of The Coca-Cola Company and subsidiaries and conduct such tests and related procedures as it
deems necessary in conformity with generally accepted auditing standards. The opinion of the independent auditors,
based upon their audits of the Consolidated Financial Statements, is contained in this Annual Report.
Douglas N. Daft Connie D. McDaniel
Chairman, Board of Directors, Vice President
and Chief Executive Officer and Controller
February 18, 2004 February 18, 2004
Gary P. Fayard
Executive Vice President
and Chief Financial Officer
February 18, 2004
101