Lockheed Martin 1996 Annual Report Download - page 66

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The management of Lockheed Martin Corporation prepared and is responsible for the consolidated financial statements
and all related financial information contained in this report. The consolidated financial statements, which include amounts
based on estimates and judgments, have been prepared in accordance with generally accepted accounting principles applied
on a consistent basis.
The Corporation maintains a system of internal accounting controls designed and intended to provide reasonable assurance
that assets are safeguarded, transactions are properly executed and recorded in accordance with management's authorization,
and accountability for assets is maintained. An environment that establishes an appropriate level of control consciousness is
maintained and monitored and includes examinations by an internal audit staff and by the independent auditors in connection
with their annual audit.
The Corporation's management recognizes its responsibility to foster a strong ethical climate. Management has issued
written policy statements which document the Corporation's business code of ethics. The importance of ethical behavior is
regularly communicated to all employees through the distribution of written codes of ethics and standards of business conduct
and through ongoing education and review programs designed to create a strong compliance environment.
The Audit and Ethics Committee of the Board of Directors is composed of eight outside directors. This Committee meets
periodically with the independent auditors, internal auditors and management to review their activities.
The consolidated financial statements have been audited by Ernst & Young LLP, independent auditors, whose report follows.
64
The Corporation's Responsibility
for Financial Reporting
Lockheed Martin Corporation
Marcus C. Bennett
Executive Vice President and Chief Financial Officer
Robert E. Rulon
Vice President and Controller