LabCorp 2011 Annual Report Download - page 22

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The Company’s management is responsible for establishing
and maintaining adequate internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) under
the Securities Exchange Act of 1934).
The internal control over financial reporting at the Company
was designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with account-
ing principles generally accepted in the United States of
America. Internal control over financial reporting includes those
policies and procedures that:
•฀ ฀pertain฀to฀the฀maintenance฀of฀records฀that,฀in฀reasonable฀
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company;
•฀ ฀provide฀reasonable฀assurance฀that฀transactions฀are฀
recorded as necessary to permit preparation of financial
statements in accordance with accounting principles
generally accepted in the United States of America;
•฀ ฀provide฀reasonable฀assurance฀that฀receipts฀and฀expendi-
tures of the Company are being made only in accordance
with authorization 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 financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
The Company’s management assessed the effectiveness
of the Company’s internal control over financial reporting as
of December 31, 2011. Management based this assessment
on criteria for effective internal control over financial 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,
2011, the Company maintained effective internal control over
financial reporting. Management reviewed the results of its
assessment with the Audit Committee of the Company’s
Board of Directors.
PricewaterhouseCoopers LLP, an independent registered
public accounting firm, who audited and reported on the
consolidated financial statements of the Company included
in this annual report, also audited the effectiveness of the
Company’s internal control over financial reporting as of
December 31, 2011 as stated in its report, which is included
herein immediately preceding the Company’s audited
financial statements.
LABORATORY CORPORATION OF AMERICA
Report of Management on Internal Control
Over Financial Reporting