Safeway 2004 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2004 Safeway 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.

Page out of 60

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

SAFEWAY INC. 2004 ANNUAL REPORT 53
Management of the Company, including the Chief Executive
Officer and the Chief Financial Officer, is responsible for
establishing and maintaining adequate internal controls over
financial reporting, as defined in Rules 13a-15(f) and 15d-
15(f) of the Securities Exchange Act of 1934, as amended.
The Company’s internal controls were designed to provide
reasonable assurance as to the reliability of its financial
reporting and the preparation and presentation of the
consolidated financial statements for external purposes in
accordance with accounting principles generally accepted
in the United States and includes those policies and
procedures that (1) pertain to the maintenance of records
that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the Company are being made only in accordance with
authorizations of management and directors of the
Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition,
use or disposition of the Company's assets that could have
a material effect on the financial statements.
The Company conducted an evaluation of the
effectiveness of its internal controls over financial reporting
based on the framework in Internal Control – Integrated
Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. This evaluation
included review of the documentation of controls, evaluation
of the design effectiveness of controls, testing of the
operating effectiveness of controls and a conclusion on this
evaluation. Through this evaluation, management did not
identify any material weakness in the Company’s internal
controls. There are inherent limitations in the effectiveness
of any system of internal controls over financial reporting;
however, based on the evaluation, management has
concluded the Company’s internal controls over financial
reporting were effective as of January 1, 2005.
Management’s Annual Report on Internal Controls
over Financial Reporting
STEVEN A. BURD
Chairman, President and
Chief Executive Officer
March 15, 2005
ROBERT L. EDWARDS
Executive Vice President
and Chief Financial Officer
March 15, 2005
SAFEWAY INC. AND SUBSIDIARIES