Walgreens 2004 Annual Report Download - page 38

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38
Management's Report
The primary responsibility for the integrity and objectivity of the consolidated financial statements and related financial data rests
with the management of Walgreen Co. The financial statements were prepared in conformity with accounting principles generally
accepted in the United States of America appropriate in the circumstances and included amounts that were based on manage
ment's
most prudent judgments and estimates relating to matters not concluded by fiscal year-end. Management believes that all material
uncertainties have been either appropriately accounted for or disclosed. All other financial information included in this annual
report is consistent with the financial statements.
The firm of Deloitte & Touche LLP, an independent registered public accounting firm, was engaged to render a professional
opinion on Walgreen Co.'s consolidated financial statements. Their report contains an opinion based on their audit, which was
made in accordance with the standards of the Public Company Accounting Oversight Board (United States) and procedures which
they believed were sufficient to provide reasonable assurance that the consolidated financial statements, considered in their
entirety, are not misleading and do not contain material errors.
Four outside members of the Board of Directors constitute the company's Audit Committee, which meets at least quarterly and
is responsible for reviewing and monitoring the company's financial and accounting practices. Deloitte & Touche LLP and the
company's General Auditor meet alone with the Audit Committee, which also meets with the company's management to discuss
financial matters, auditing and internal accounting controls.
The company's systems are designed to provide an effective system of internal accounting controls to obtain reasonable
assurance at reasonable cost that assets are safeguarded from material loss or unauthorized use and transactions are executed in
accordance with management's authorization and properly recorded. To this end, management maintains an internal control
environment which is shaped by established operating policies and procedures, an appropriate division of responsibility at all
organizational levels, and a corporate ethics policy which is monitored annually. The company also has an Internal Control
Evaluation Committee, composed primarily of senior management from the Accounting and Auditing
Departments, which oversees
the evaluation of internal controls on a company-wide basis. Management believes it has appropriately responded to the internal
auditors' and independent registered public accounting firm's recommendations concerning the company's internal control system.
/s/ David W. Bernauer /s/ Mia M. Scholz
Chairman of the Board
and Chief Executive Officer
Controller
and Chief Accounting Officer
/s/ William M. Rudolphsen
Senior Vice President
and Chief Financial Officer