Advance Auto Parts 2003 Annual Report Download - page 49

The financial statements presented in this Annual Report have been prepared with integrity, consistency and objectivity
and are the responsibility of the management of Advance Auto Parts. The consolidated financial statements and other
information presented in this Annual Report have been prepared in accordance with generally accepted accounting princi-
ples and, as such, include amounts based on management’s best estimates and judgements.
To fulfill our responsibilities, Advance Auto Parts maintains a comprehensive system of internal accounting controls,
which is supported by an internal audit program and is designed to provide reasonable assurance, at a reasonable cost, that the
Company’s assets are safeguarded and transactions are executed in accordance with established procedures. The concept of
reasonable assurance is based upon a recognition that the cost of the controls should not exceed the benefits derived. As
indicated by our certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed as an exhibit to our Form 10-
K on March 12, 2004, we believe our systems of internal control provide this reasonable assurance.
The Audit Committee of the Board of Directors, consisting solely of outside directors, oversees the Company’s systems of
internal control, accounting practices, financial reporting and audits to assess whether their quality, integrity and objectivity
are sufficient to protect stockholders’ investments. A statement from the Committee report appears on this page. Both the
Company’s independent auditors and the internal auditors have free access to the Audit Committee.
The Company’s financial statements have been audited by the independent accounting firm Deloitte & Touche LLP,
which was given unrestricted access to financial records and related data. The Company believes that all representations
made to the independent auditors during their audit were valid and appropriate.
In addition, the Company’s Chief Executive Officer will certify within 30 days of its annual meeting of stockholders that
he is not aware of any violations of the New York Stock Exchange’s Corporate Governance Listing Standards.
Lawrence P. Castellani Jeffrey T. Gray
Chairman of the Board and Chief Executive Officer Senior Vice President and Chief Financial Officer
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS
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Advance Auto Parts, Inc. and Subsidiaries
The Audit Committee met four times during 2003 to review the overall scope, plans for internal and independent audits,
the Company’s systems of internal control, emerging accounting issues, audit fees and benefit plans. The Committee also met
individually with the independent auditors, without management present, to discuss the results of their audits. The
Committee encourages the internal and independent auditors to communicate closely with the Committee.
Audit Committee results were reported to the full Board of Directors and the Company’s annual financial statements
were reviewed and approved by the Board of Directors before issuance. The Audit Committee also recommended to the
Board of Directors that the independent auditors be reappointed for fiscal 2004, subject to the ratification of the stockholders
at the annual meeting.
AUDIT COMMITTEE’S STATEMENT