Kohl's 2002 Annual Report Download - page 19

Kohl’s executive management team (left to right).
Top photo: Gary Vasques, Jack Moore, Don Brennan and Rick Leto
Bottom photos: (left) Rick Schepp, John Lesko and Patti Johnson;
(right) Beryl Buley and Don Sharpin
The management of Kohl’s Corporation is responsible for the integrity and objectivity of the financial and operating information contained
in this Annual Report, including the consolidated financial statements covered by the Report of the Independent Auditors. These statements
were prepared in conformity with generally accepted accounting principles and include amounts that are based on the best estimates and
judgments of management.
The Company maintains a system of internal accounting controls designed to provide reasonable assurance that assets are safeguarded and
transactions are executed in accordance with management authorization and are appropriately recorded in order to permit preparation of financial
statements in conformity with generally accepted accounting principles. The concept of reasonable assurance is based on the recognition that
the cost of a system of internal control should not exceed the benefits derived.
The consolidated financial statements and related notes have been audited by Ernst & Young LLP, independent auditors, whose report is based
on audits conducted in accordance with generally accepted auditing standards. As part of its audit, the firm performed a review of the Company’s
system of internal controls and conducted such tests and employed such procedures as considered necessary to render its opinion on the
consolidated financial statements. The Company’s consolidated financial statements including the Report of the Independent Auditors is included
in the Company’s Form 10-K for the year ended February 1, 2003.
The Audit Committee of the Board of Directors is composed of four independent Directors. The Committee is responsible for assisting the
Board in its oversight of Kohl’s financial accounting and reporting practices. The Audit Committee also recommends the independent certified
public accounting firm to be retained for the coming year, subject to shareholder approval. The Audit Committee meets periodically with the
independent auditors, as well as with management, to review accounting, auditing, internal accounting control and financial reporting matters.
The independent auditors have unrestricted access to the Audit Committee.
Larry Montgomery Patricia Johnson
Chairman and Chief Executive Officer Executive Vice President – Chief Financial Officer
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REPORT OF MANAGEMENT