Proctor and Gamble 2014 Annual Report Download - page 47

The Procter & Gamble Company 45
MANAGEMENT'S REPORT ON INTERNAL
CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining
adequate internal control over financial reporting of The
Procter & Gamble Company (as defined in Rule 13a-15(f)
under the Securities Exchange Act of 1934, as amended). Our
internal control over financial reporting is designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles in the United States of America.
Strong internal controls is an objective that is reinforced
through our Worldwide Business Conduct Manual, which sets
forth our commitment to conduct business with integrity, and
within both the letter and the spirit of the law. The
Company's internal control over financial reporting includes
a Control Self-Assessment Program that is conducted
annually for critical financial reporting areas of the Company
and is audited by the internal audit function. Management
takes the appropriate action to correct any identified control
deficiencies. Because of its inherent limitations, any system
of internal control over financial reporting, no matter how
well designed, may not prevent or detect misstatements due
to the possibility that a control can be circumvented or
overridden or that misstatements due to error or fraud may
occur that are not detected. Also, because of changes in
conditions, internal control effectiveness may vary over time.
Management assessed the effectiveness of the Company's
internal control over financial reporting as of June 30, 2014,
using criteria established in Internal Control - Integrated
Framework (1992) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) and
concluded that the Company maintained effective internal
control over financial reporting as of June 30, 2014, based on
these criteria.
Deloitte & Touche LLP, an independent registered public
accounting firm, has audited the effectiveness of the
Company's internal control over financial reporting as of
June 30, 2014, as stated in their report which is included
herein.
/s/ A. G. Lafley
A. G. Lafley
Chairman of the Board, President and Chief Executive
Officer
/s/ Jon R. Moeller
Jon R. Moeller
Chief Financial Officer
August 8, 2014
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Board of Directors and Stockholders of
The Procter & Gamble Company
We have audited the accompanying Consolidated Balance
Sheets of The Procter & Gamble Company and subsidiaries
(the "Company") as of June 30, 2014 and 2013, and the
related Consolidated Statements of Earnings, Comprehensive
Income, Shareholders' Equity and Cash Flows for each of the
three years in the period ended June 30, 2014. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with the standards of
the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such Consolidated Financial Statements
present fairly, in all material respects, the financial position
of the Company at June 30, 2014 and 2013, and the results of
its operations and cash flows for each of the three years in
the period ended June 30, 2014, in conformity with
accounting principles generally accepted in the United States
of America.
We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United
States), the Company's internal control over financial
reporting as of June 30, 2014, based on the criteria
established in Internal Control - Integrated Framework
(1992) issued by the Committee of Sponsoring Organizations
of the Treadway Commission and our report dated August 8,
2014 expressed an unqualified opinion on the Company's
internal control over financial reporting.
/s/ Deloitte & Touche LLP
Cincinnati, Ohio
August 8, 2014