Symantec 2007 Annual Report Download - page 65

the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive
and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure. Our Chief Executive Officer and our Chief Financial Officer have concluded, based
on an evaluation of the effectiveness of our disclosure controls and procedures by our management, with the
participation of our Chief Executive Officer and our Chief Financial Officer, that our disclosure controls and
procedures were effective for the purpose described above as of the end of the period covered by this report.
(b) Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended) for
Symantec. Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer,
has conducted an evaluation of the effectiveness of our internal control over financial reporting as of March 31,
2007, based on criteria established in Internal Control — Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
Our management has concluded that, as of the March 31, 2007, our internal control over financial reporting
was effective based on these criteria. Our independent registered public accounting firm, KPMG LLP, has issued a
report on our assessment of our internal control over financial reporting, which is included herein.
(c) Changes in Internal Control over Financial Reporting.
Our annual report on Form 10-K for the fiscal year ended March 31, 2006 disclosed a material weakness
relating to accounting for income taxes. In order to remediate this material weakness, during the first three quarters
of fiscal 2007, we:
• Completed our restructuring of personnel dedicated to financial reporting for income taxes;
• More specifically defined existing key controls, and developed additional controls, applicable to our interim
accounting for income taxes;
• Automated certain elements of our processes to enhance the analysis and calculation of the income tax
provision and the reconciliation of the tax accounts;
• Enhanced the documentation regarding conclusions reached in the implementation of generally accepted
accounting principles; and
• Added additional levels of review by qualified personnel of the application of each key control.
As a result of these actions, management has concluded that Symantec has remediated the material weakness
as of March 31, 2007. Although certain steps were taken in the fourth quarter of fiscal 2007 to address the material
weakness relating to accounting for income taxes, there were no changes in Symantec’s internal control over
financial reporting during the quarter ended March 31, 2007 that have materially affected, or are reasonably likely
to materially affect, Symantec’s internal control over financial reporting.
(d) Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our
disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no
matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of
the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and
instances of fraud, if any, within Symantec have been detected.
Item 9B. Other Information
None
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