Equifax 2006 Annual Report Download - page 48

46 EQUIFAX 2006 ANNUAL REPORT
Management of Equifax is responsible for establishing and
maintaining adequate internal control over fi nancial report-
ing as defi ned in Rules 13a-15(f ) and 15d-15(f) under the
Securities Exchange Act of 1934. Equifax’s internal control
over fi nancial reporting is a process designed to provide rea-
sonable assurance regarding the reliability of financial
reporting and the preparation of fi nancial statements for
external purposes in accordance with U.S. generally accepted
accounting principles. Internal control over fi nancial report-
ing includes those written policies and procedures that:
• Pertain to the maintenance of records that, in reason-
able detail, accurately and fairly refl ect the transactions
and dispositions of the assets of Equifax;
• Provide reasonable assurance that transactions are
recorded as necessary to permit preparation of fi nan-
cial statements in accordance with U.S. generally
accepted accounting principles;
• Provide reasonable assurance that receipts and expen-
ditures of Equifax are being made only in accordance
with authorization of management and the Board of
Directors of Equifax; and
• Provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or
disposition of assets that could have a material effect
on the consolidated fi nancial statements.
Internal control over fi nancial reporting includes the
controls themselves, monitoring and internal auditing prac-
tices, and actions taken to correct defi ciencies as identifi ed.
Because of its inherent limitations, internal control over
fi nancial reporting may not prevent or detect misstate-
ments. 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 proce-
dures may deteriorate.
Management assessed the effectiveness of Equifax’s
internal control over fi nancial reporting as of December 31,
2006. Management based this assessment on criteria for
effective internal control over fi nancial reporting described
in “Internal Control – Integrated Framework” issued by the
Committee of Sponsoring Organizations of the Treadway
Commission. Management’s assessment included an evalu-
ation of the design of Equifax’s internal control over fi nan-
cial reporting and testing of the operational effectiveness of
its internal control over fi nancial reporting. Management
reviewed the results of its assessment with the Audit
Committee of its Board of Directors.
Based on this assessment, management determined
that, as of December 31, 2006, Equifax maintained effec-
tive internal control over fi nancial reporting.
Ernst & Young LLP, an independent registered public
accounting fi rm, who audited and reported on the consoli-
dated fi nancial statements of Equifax included in this report,
has issued an attestation report on management’s assess-
ment of internal control over fi nancial reporting which is
included on page 47 of this report.
MANAGEMENT’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING