Intel 2003 Annual Report Download - page 94

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Table of Contents
Index to Financial Statements
to their report on our annual financial statements and not to provide assurance on our controls. The overall goals of these various evaluation
activities are to monitor our Disclosure Controls, and to modify them as necessary. Our intent is to maintain the Disclosure Controls as
dynamic systems that change as conditions warrant.
Among other matters, we also considered whether our evaluation identified any “significant deficiencies” or “material weaknesses”
in our
internal control over financial reporting, and whether the company had identified any acts of fraud involving personnel with a significant role in
our internal control over financial reporting. This information was important both for the controls evaluation generally, and because item 5 in
the certifications of the CEO and CFO requires that the CEO and CFO disclose that information to our Board’s Audit Committee and to our
independent auditors. In the professional auditing literature, “significant deficiencies” are referred to as “reportable conditions,” which are
deficiencies in the design or operation of controls that could adversely affect our ability to record, process, summarize and report financial data
in the financial statements. Auditing literature defines “material weakness” as a particularly serious reportable condition in which the internal
control does not reduce to a relatively low level the risk that misstatements caused by error or fraud may occur in amounts that would be
material in relation to the financial statements and the risk that such misstatements would not be detected within a timely period by employees
in the normal course of performing their assigned functions. We also sought to address other controls matters in the controls evaluation, and in
each case if a problem was identified, we considered what revision, improvement and/or correction to make in accordance with our ongoing
procedures.
Conclusions
Based upon the controls evaluation, our CEO and CFO have concluded that, subject to the limitations noted above, as of the end of the
period covered by this Annual Report, our Disclosure Controls were effective to provide reasonable assurance that material information
relating to Intel and its consolidated subsidiaries is made known to management, including the CEO and CFO, particularly during the period
when our periodic reports are being prepared.
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