CarMax 2006 Annual Report Download - page 58

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56
CARMAX 2006
Management is responsible for establishing and maintaining adequate internal control over financial reporting
for the company. Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Accordingly, even effective internal control over financial reporting can provide only
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles.
Management conducted an evaluation of the effectiveness of our internal control over financial reporting
based on the framework and criteria established in Internal Control—Integrated Framework, issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our
management has concluded that our internal control over financial reporting was effective as of February 28,
2006.
KPMG LLP, the company’s independent registered public accounting firm, has issued a report on our
management’s assessment of our internal control over financial reporting. Their report is included herein.
AUSTIN LIGON
PRESIDENT AND CHIEF EXECUTIVE OFFICER
KEITH D. BROWNING
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING