Macy's 2009 Annual Report Download - page 50

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REPORT OF MANAGEMENT
To the Shareholders of
Macy’s, Inc.:
The integrity and consistency of the Consolidated Financial Statements of Macy’s, Inc. and subsidiaries,
which were prepared in accordance with accounting principles generally accepted in the United States of
America, are the responsibility of management and properly include some amounts that are based upon estimates
and judgments.
The Company maintains a system of internal accounting controls, which is supported by a program of
internal audits with appropriate management follow-up action, to provide reasonable assurance, at appropriate
cost, that the Company’s assets are protected and transactions are properly recorded. Additionally, the integrity
of the financial accounting system is based on careful selection and training of qualified personnel,
organizational arrangements which provide for appropriate division of responsibilities and communication of
established written policies and procedures.
The Company’s management is responsible for establishing and maintaining adequate internal control over
financial reporting, as defined in Exchange Act Rule 13a-15(f) and has issued Management’s Report on Internal
Control over Financial Reporting.
The Consolidated Financial Statements of the Company have been audited by KPMG LLP. Their report
expresses their opinion as to the fair presentation, in all material respects, of the financial statements and is based
upon their independent audits.
The Audit Committee, composed solely of outside directors, meets periodically with KPMG LLP, the
internal auditors and representatives of management to discuss auditing and financial reporting matters. In
addition, KPMG LLP and the Company’s internal auditors meet periodically with the Audit Committee without
management representatives present and have free access to the Audit Committee at any time. The Audit
Committee is responsible for recommending to the Board of Directors the engagement of the independent
registered public accounting firm, which is subject to shareholder approval, and the general oversight review of
management’s discharge of its responsibilities with respect to the matters referred to above.
Terry J. Lundgren
Chairman, President and Chief Executive Officer
Karen M. Hoguet
Chief Financial Officer
Joel A. Belsky
Executive Vice President and Controller
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