Macy's 2012 Annual Report Download - page 49

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F-2
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 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