International Paper 2014 Annual Report Download - page 81

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45
A company's internal control over financial reporting is
a process designed by, or under the supervision of, the
company's principal executive and principal financial
officers, or persons performing similar functions, and
effected by the company's board of directors,
management, and other personnel 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. A company's
internal control over financial reporting includes those
policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) 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 (3) 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 the inherent limitations of internal control
over financial reporting, including the possibility of
collusion or improper management override of controls,
material misstatements due to error or fraud may not
be prevented or detected on a timely basis. Also,
projections of any evaluation of the effectiveness of the
internal control over financial reporting to future periods
are subject to the risk that the controls may become
inadequate because of changes in conditions, or that
the degree of compliance with the policies or
procedures may deteriorate.
In our opinion, the Company maintained, in all material
respects, effective internal control over financial
reporting as of December 31, 2014, based on the
criteria established in Internal Control - Integrated
Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway
Commission.
We have also audited, in accordance with the standards
of the Public Company Accounting Oversight Board
(United States), the consolidated financial statements
and financial statement schedule as of and for the year
ended December 31, 2014 of the Company and our
report dated February 26, 2015 expressed an
unqualified opinion on those financial statements and
financial statement schedule.
Memphis, Tennessee
February 26, 2015