LabCorp 2013 Annual Report Download - page 26

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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,
2013. Management based this assessment on criteria for effective
internal control over financial reporting described in “Internal
Control–Integrated Framework 1992” 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, 2013, 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, 2013 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