Pizza Hut 2004 Annual Report Download - page 76
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Please find page 76 of the 2004 Pizza Hut annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.MANAGEMENT’SRESPONSIBILITYFORFINANCIALSTATEMENTS
ToOurShareholders:
Weareresponsibleforthepreparation,integrityandfairpresentationoftheConsolidatedFinancialStatements,relatednotes
andotherinformationincludedinthisannualreport.Thefinancialstatementswerepreparedinaccordancewithaccounting
principlesgenerallyacceptedintheUnitedStatesofAmericaandincludecertainamountsbaseduponourestimatesand
assumptions,asrequired.Otherfinancialinformationpresentedintheannualreportisderivedfromthefinancialstatements.
Wemaintainasystemofinternalcontroloverfinancialreporting,designedtoprovidereasonableassuranceastothereli-
abilityofthefinancialstatements,aswellastosafeguardassetsfromunauthorizeduseordisposition.Thesystemissupported
byformalpoliciesandprocedures,includinganactiveCodeofConductprogramintendedtoensureemployeesadheretothe
higheststandardsofpersonalandprofessionalintegrity.Wehaveconductedanevaluationoftheeffectivenessofourinternal
controloverfinancialreportingbasedontheframeworkinInternalControl—IntegratedFrameworkissuedbytheCommitteeof
SponsoringOrganizationsoftheTreadwayCommission.Basedonourevaluation,weconcludedthatourinternalcontrolover
financialreportingwaseffectiveasofDecember25,2004.Ourinternalauditfunctionmonitorsandreportsontheadequacyof
andcompliancewiththeinternalcontrolsystem,andappropriateactionsaretakentoaddresssignificantcontroldeficiencies
andotheropportunitiesforimprovingthesystemastheyareidentified.
TheConsolidatedFinancialStatementshavebeenauditedandreportedonbyourindependentauditors,KPMGLLP,who
weregivenfreeaccesstoallfinancialrecordsandrelateddata,includingminutesofthemeetingsoftheBoardofDirectors
andCommitteesoftheBoard.Webelievethatmanagementrepresentationsmadetotheindependentauditorswerevalidand
appropriate.Additionally,ourassessmentoftheeffectivenessofourinternalcontroloverfinancialreportinghasbeenaudited
andreportedonbyKPMGLLP.
TheAuditCommitteeoftheBoardofDirectors,whichiscomposedsolelyofoutsidedirectors,providesoversighttoourfinan-
cialreportingprocessandourcontrolstosafeguardassetsthroughperiodicmeetingswithourindependentauditors,internal
auditorsandmanagement.BothourindependentauditorsandinternalauditorshavefreeaccesstotheAuditCommittee.
Althoughnocost-effectiveinternalcontrolsystemwillprecludeallerrorsandirregularities,webelieveourcontrolsasof
December25,2004providereasonableassurancethatourassetsarereasonablysafeguarded.
DavidJ.DenoGregoryN.Moore
ChiefFinancialOfficerandChiefOperatingOfficer SeniorVicePresidentandController
MANAGEMENT’SREPORTONINTERNALCONTROLOVERFINANCIALREPORTING
Ourmanagementisresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancialreporting,assuch
termisdefinedinRules13a-15(f)undertheSecuritiesExchangeActof1934.Underthesupervisionandwiththeparticipation
ofourmanagement,includingourprincipalexecutiveofficerandprincipalfinancialofficer,weconductedanevaluationofthe
effectivenessofourinternalcontrolsoverfinancialreportingbasedontheframeworkinInternalControl—IntegratedFramework
issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission.Basedonourevaluationundertheframe-
workinInternalControl—IntegratedFramework,ourmanagementconcludedthatourinternalcontroloverfinancialreportingwas
effectiveasofDecember25,2004.Ourmanagement’sassessmentoftheeffectivenessofourinternalcontroloverfinancial
reportingasofDecember25,2004hasbeenauditedbyKPMGLLP,anindependentregisteredpublicaccountingfirm,asstated
intheirreportwhichisincludedherein.
Management’sResponsibilityforFinancialStatementsand
Management’sReportonInternalControlOverFinancialReporting
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