Sysco 2007 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2007 Sysco 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 108

  • 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
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

ITEM 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure
None.
ITEM 9A. Controls and Procedures
SYSCO’s management, with the participation of our chief executive officer and chief financial officer, evaluated the
effectiveness of our disclosure controls and procedures as of June 30, 2007. The term “disclosure controls and
procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures
of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by a company in the reports that it files or submits under
the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and
principal financial officers, as appropriate to allow timely decisions regarding the required disclosure. Management
recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable
assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit
relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as
of June 30, 2007, our chief executive officer and chief financial officer concluded that, as of such date, SYSCO’s disclosure
controls and procedures were effective at the reasonable assurance level.
No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act) occurred during the fiscal quarter ended June 30, 2007 that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.
In May 2007, we restated our unaudited interim consolidated financial statements for the quarterly periods ended
September 30, 2006 and December 30, 2006, as contained in SYSCO’s Reports on Form 10-Q filed on November 9,
2006 and February 8, 2007, respectively, due to an error in SYSCO’s application of FASB Staff Position No. FTB 85-4-1,
“Accounting for Life Settlement Contracts by Third-Party Investors”. Prior to the filing of these amended reports and in
connection with the evaluation performed as of June 30, 2007, SYSCO’s management, with the participation of the Chief
Executive Officer and Chief Financial Officer, reconsidered their conclusions regarding the effectiveness of disclosure
controls and procedures for the quarterly periods ended September 30, 2006, December 30, 2006 and June 30, 2007
in light of, and giving due consideration to, the restatements and the reasons therefor, and concluded that SYSCO’s
disclosure controls and procedures were effective as of those dates at the reasonable assurance level, despite the
restatements.
ITEM 9B. Other Information
None.
page 72 ][ SYSCO Corporation