AutoZone 2004 Annual Report Download - page 44
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Managementisresponsibleforthepreparation,integrity,andfairpresentationoftheaccompanyingconsolidatedfinancialstatementsof
theCompanyanditssubsidiaries.Thefinancialstatementshavebeenpreparedinconformitywithaccountingprinciplesgenerallyacceptedin
theUnitedStatesandincludethebestestimatesandjudgmentsofmanagement.Managementalsopreparedtheotherinformationincluded
inthe annualreportandisresponsibleforitsaccuracyandconsistencywiththefinancialstatements.Thereportofthe independent
registeredpublicaccountingfirm,Ernst&YoungLLP,basedupontheirauditsoftheconsolidatedfinancialstatements,iscontainedinthis
AnnualReport.
TheAuditCommitteeofourCompany’sBoardofDirectors,composedsolelyofindependentdirectors,regularlymeetswithErnst&Young,
managementandinternalauditorstodiscussauditingandfinancialreportingmattersandthesystemofinternalcontrol.TheCommitteealso
meetsregularlywithErnst&Youngandtheinternalauditorswithoutmanagementpresenttodiscussanymattersthatmayrequireattention.
Management maintains a system of internal control over financial reporting that provides reasonable assurance, at an appropriate cost-
benefitrelationship,aboutthereliabilityoffinancialreporting.Thesystemcontainsself-monitoringmechanisms,andisregularlytestedby
Deloitte&ToucheLLP,theCompany’sinternalauditors.Actionsaretakentocorrectdeficienciesastheyareidentified.Evenaneffective
internalcontrolsystem,nomatterhowwelldesigned,hasinherentlimitations—includingthepossibilityofthecircumventionoroverriding
of controls—and therefore can provide only reasonable assurance with respect to financial statement preparation. Further, because of
changesinconditions,internalcontrolsystemeffectivenessmayvaryovertime.
SteveOdland MichaelG.Archbold
Chairman,President,and ExecutiveVicePresidentand
ChiefExecutiveOfficer ChiefFinancialOfficer
CustomerSatisfaction CustomerSatisfaction
Management’sReport