Cisco 2015 Annual Report Download - page 80

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Reports of Management
Statement of Management’s Responsibility
Cisco’s management has always assumed full accountability for maintaining compliance with our established financial
accounting policies and for reporting our results with objectivity and the highest degree of integrity. It is critical for investors and
other users of the Consolidated Financial Statements to have confidence that the financial information that we provide is timely,
complete, relevant, and accurate. Management is responsible for the fair presentation of Cisco’s Consolidated Financial
Statements, prepared in accordance with accounting principles generally accepted in the United States of America, and has full
responsibility for their integrity and accuracy.
Management, with oversight by Cisco’s Board of Directors, has established and maintains a strong ethical climate so that our
affairs are conducted to the highest standards of personal and corporate conduct. Management also has established an effective
system of internal controls. Cisco’s policies and practices reflect corporate governance initiatives that are compliant with the
listing requirements of NASDAQ and the corporate governance requirements of the Sarbanes-Oxley Act of 2002.
We are committed to enhancing shareholder value and fully understand and embrace our fiduciary oversight responsibilities. We
are dedicated to ensuring that our high standards of financial accounting and reporting, as well as our underlying system of
internal controls, are maintained. Our culture demands integrity, and we have the highest confidence in our processes, our internal
controls and our people, who are objective in their responsibilities and who operate under the highest level of ethical standards.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting for Cisco. Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of
records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only
in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
Management (with the participation of the principal executive officer and principal financial officer) conducted an evaluation of
the effectiveness of Cisco’s internal control over financial reporting based on the framework in Internal Control—Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this
evaluation, management concluded that Cisco’s internal control over financial reporting was effective as of July 25, 2015.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of Cisco’s internal
control over financial reporting and has issued a report on Cisco’s internal control over financial reporting, which is included in
their report on the preceding page.
Charles H. Robbins Kelly A. Kramer
Chief Executive Officer and Director Executive Vice President and Chief Financial Officer
September 8, 2015 September 8, 2015
72