Proctor and Gamble 2015 Annual Report Download - page 44

The Procter & Gamble Company 42
Item 8. Financial Statements and Supplementary Data.
MANAGEMENTS RESPONSIBILITY FOR
FINANCIAL REPORTING
At The Procter & Gamble Company, we take great pride in our
long history of doing what's right. If you analyze what's made
our Company successful over the years, you may focus on our
brands, our marketing strategies, our organization design and
our ability to innovate. ut if you really want to get at what
drives our Company's success, the place to look is our people.
Our people are deeply committed to our Purpose, alues and
Principles. It is this commitment to doing what's right that
unites us.
This commitment to doing what's right is embodied in our
financial reporting. High-quality financial reporting is our
responsibility, one we execute with integrity, and within both
the letter and spirit of the law.
High-quality financial reporting is characterized by accuracy,
objectivity and transparency. Management is responsible for
maintaining an effective system of internal controls over
financial reporting to deliver those characteristics in all material
respects. The oard of Directors, through its Audit Committee,
provides oversight. e have engaged Deloitte & Touche LLP
to audit our Consolidated Financial Statements, on which they
have issued an unqualified opinion.
Our commitment to providing timely, accurate and
understandable information to investors encompasses:
ommnctn epecttons to emploees. Every employee,
from senior management on down, is required to be trained on
the Company's orldwide siess odct aal, which
sets forth the Company's commitment to conduct its business
affairs with high ethical standards. Every employee is held
personally accountable for compliance and is provided several
means of reporting any concerns about violations of the
orldwide siess odct aal, which is available on
our website at www.pg.com.
ntnn  ston ntenl contol envonment. Our
system of internal controls includes written policies and
procedures, segregation of duties and the careful selection and
development of employees. The system is designed to provide
reasonable assurance that transactions are executed as
authorized and appropriately recorded, that assets are
safeguarded and that accounting records are sufficiently
reliable to permit the preparation of financial statements
conforming in all material respects with accounting principles
generally accepted in the United States ofAmerica. e monitor
these internal controls through control self-assessments
conducted by business unit management. In addition to
performing financial and compliance audits around the world,
our Global Internal Audit organization provides training and
continuously improves internal control processes. Appropriate
actions are taken by management to correct any identified
control deficiencies.
ectn nncl stesp. e maintain specific
programs and activities to ensure that employees understand
their fiduciary responsibilities to shareholders. This ongoing
effort encompasses financial discipline in strategic and daily
business decisions and brings particular focus to maintaining
accurate financial reporting and effective controls through
process improvement, skill development and oversight.
etn oos ovest o te sness. e continuously
review business results and strategic choices. Our Global
Leadership Council is actively involved - from understanding
strategies to reviewing key initiatives, financial performance
and control assessments. The intent is to ensure we remain
objective, identify potential issues, continuously challenge
each other and ensure recognition and rewards are appropriately
aligned with results.
nn o Dsclose ommttee. e maintain disclosure
controls and procedures designed to ensure that information
required to be disclosed is recorded, processed, summarized
and reported timely and accurately. Our Disclosure Committee
is a group of senior-level executives responsible for evaluating
disclosure implications of significant business activities and
events. The Committee reports its findings to the CEO and
CFO, providing an effective process to evaluate our external
disclosure obligations.
ton n eectve copote ovennce om o o
o Dectos. e have an active, capable and diligent oard
that meets the required standards for independence, and we
welcome the oard's oversight. Our Audit Committee
comprises independent directors with significant financial
knowledge and experience. e review significant accounting
policies, financial reporting and internal control matters with
them and encourage their independent discussions with
external auditors. Our corporate governance guidelines, as well
as the charter of the Audit Committee and certain other
committees of our oard, are available on our website at
www.pg.com.
P&G has a strong history of doing what's right. Our employees
embrace our Purpose, alues and Principles. e take
responsibility for the quality and accuracy of our financial
reporting. e present this information proudly, with the
expectation that those who use it will understand our Company,
recognize our commitment to performance with integrity and
share our confidence in P&G's future.
s   afley
A. G. Lafley
Chairman of the oard, President and Chief Executive
Officer
s o  oeller
Jon R. Moeller
Chief Financial Officer