Cemex 1997 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 1997 Cemex annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

45
The management of Cemex, S.A. de C.V. is responsible for the preparation and integrity of the accompanying
consolidated financial statements and for maintaining a system of internal control to provide reasonable assurance
to shareholders, to the financial community and other interested parties, that transactions are executed in
accordance with management authorization, accounting records are reliable as a basis for the preparation of the
consolidated financial statements and to provide reasonable assurance that assets are safeguarded against loss from
unauthorized use or disposition.
In fulfilling its responsibilities for the integrity of financial information, management maintains and relies on the
company’s system of internal control. This system is based on an organizational structure providing of
responsibilities and the selection and training of qualified personnel. Also, it includes policies which are
communicated to all personnel through appropriate communication channels. The system of internal control is
supported by an internal audit function that operates at international level and reports its findings to management
throughout the year. Management believes that, for the year ended December 31, 1997, the company’s internal
control system provides reasonable assurance that material errors or irregularities will be prevented or detected
within a timely period and is cost effective.
Cemex, S.A. de C.V. engaged KPMG Cárdenas Dosal, S.C., the company’s principal independent auditors, to
perform an audit of the internal control system and express their opinion thereon for the year ended December 31,
1997. Their audit applied generally accepted auditing standards, which included a review and evaluation of control
systems and performance of such test of accounting information records as they considered neccesary in order to
reach their opinion. Their report is presented separately.
Lorenzo H. Zambrano
Chairman of the Board
and Chief Executive Officer
CEMEX, S.A. DE C.V. AND SUBSIDIARIES