HP 2007 Annual Report Download - page 88
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Management’s Report on Internal Control Over Financial Reporting
HP’ s management is responsible for establishing and maintaining adequate internal control over financial reporting for
HP. HP’ s 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 U.S.
generally accepted accounting principles. HP’ s 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 HP; (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 HP are being made only in accordance with authorizations of management and directors of HP; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
HP’ 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.
HP’ s management assessed the effectiveness of HP’ s internal control over financial reporting as of October 31, 2007,
utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in
Internal Control-Integrated Framework. Based on the assessment by HP’ s management, we determined that HP’ s internal
control over financial reporting was effective as of October 31, 2007. The effectiveness of HP’ s internal control over
financial reporting as of October 31, 2007 has been audited by Ernst & Young LLP, HP’ s independent registered public
accounting firm, as stated in their report which appears on page 73 of this Annual Report on Form 10-K.
/s/ MARK V. HURD
Mark V. Hurd
Chairman, Chief Executive Officer and President
December 14, 2007
/s/ CATHERINE A. LESJAK
Catherine A. Lesjak
Executive Vice President and Chief Financial Officer
December 14, 2007
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