Macy's 2013 Annual Report Download - page 48

Table of Contents
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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 and Chief Executive Officer
Karen M. Hoguet
Chief Financial Officer
Joel A. Belsky
Executive Vice President and Controller
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