LabCorp 2007 Annual Report Download - page 32

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30 Laboratory Corporation of America® Holdings 2007
The Company’s management is responsible for establishing and
maintaining adequate internal control over fi nancial reporting reporting
(as defi ned in Rules 13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934).
The internal control over fi nancial reporting at the Company was
designed to provide reasonable assurance regarding the reliability
of fi nancial reporting and the preparation of fi nancial statements for
external purposes in accordance with accounting principles generally
accepted in the United States of America. Internal control over
fi nancial reporting include those policies and procedures that:
• pertain to the maintenance of records that, in reasonable detail,
accurately and fairly refl ect the transactions and dispositions of
the assets of the Company;
• provide reasonable assurance that transactions are recorded
as necessary to permit preparation of fi nancial statements in
accordance with accounting principles generally accepted in
the United States of America;
• provide reasonable assurance that receipts and expenditures of
the Company are being made only in accordance with authoriza-
tion of management and directors of the Company; and
• provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
assets that could have a material effect on the consolidated
fi nancial statements.
Because of its inherent limitations, internal control over fi nancial
reporting may not prevent or detect misstatements.
The Company’s management assessed the effectiveness of the
Company’s internal control over fi nancial reporting as of December 31,
2007. Management based this assessment on criteria for effective
internal control over fi nancial reporting described in “Internal Control –
Integrated Framework” issued by the Committee of Sponsoring
Organizations of the Treadway Commission (“COSO”). Based on this
assessment, the Company’s management determined that, as of
December 31, 2007, the Company maintained effective internal control
over fi nancial reporting. Management reviewed the results of its assess-
ment with the Audit Committee of the Company’s Board of Directors.
PricewaterhouseCoopers LLP, an independent registered public
accounting fi rm, who audited and reported on the consolidated fi nancial
statements of the Company included in this annual report, has also
audited the effectiveness of the Company’s internal control over
fi nancial reporting as of December 31, 2007 as stated in its report,
which is included herein immediately preceding the Company’s audited
fi nancial statements.
Report of Management on Internal Control
Over Financial Reporting
Laboratory Corporation of America