LabCorp 2012 Annual Report Download - page 24

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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 accounting 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
expenditures 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, 2012. 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, 2012, 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, 2012 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