Aflac 2008 Annual Report Download - page 97

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93
It’s no mystery how Aflac makes a difference.
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term
is defined in Exchange Act Rules 13a-15(f). Under the supervision and with the participation of our management, including
our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). Based on our evaluation under this framework, management
has concluded that our internal control over financial reporting was effective as of December 31, 2008.
KPMG LLP, an independent registered public accounting firm, has issued an attestation report on the effectiveness of internal
control over financial reporting as of December 31, 2008, which is included herein.
Management’s Annual Report on Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm
The shareholders and board of directors of Aflac Incorporated:
We have audited the accompanying consolidated balance sheets of Aflac Incorporated and subsidiaries (the Company) as
of December 31, 2008 and 2007, and the related consolidated statements of earnings, shareholders’ equity, cash flows,
and comprehensive income for each of the years in the three-year period ended December 31, 2008. These consolidated
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of Aflac Incorporated and subsidiaries as of December 31, 2008 and 2007, and the results of their operations and their
cash flows for each of the years in the three-year period ended December 31, 2008, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 1 to the consolidated financial statements, the Company adopted the provisions of Staff Accounting
Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,
as of January 1, 2006. Additionally, as discussed in Notes 1 and 12 to the consolidated financial statements, the Company
adopted Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106 and 132(R), as of December 31, 2006.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
Aflac Incorporated and subsidiaries’ internal control over financial reporting as of December 31, 2008, based on criteria
established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO), and our report dated February 19, 2009, expressed an unqualified opinion on the effectiveness of the
Company’s internal control over financial reporting.
Atlanta, Georgia
February 19, 2009
Auditors’ Report