Nike 2003 Annual Report Download - page 35

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considered appropriate in the circumstances and include some amounts based on our best estimates and
judgments. Other financial information in this report is consistent with these financial statements.
Our accounting systems include controls designed to reasonably assure that assets are safeguarded from
unauthorized use or disposition and which provide for the preparation of financial statements in conformity with
generally accepted accounting principles. These systems are supplemented by the selection and training of
qualified financial personnel and an organizational structure providing for appropriate segregation of duties.
An Internal Audit department reviews the results of its work with the Audit Committee of the Board of
Directors, presently consisting of three outside directors. The Audit Committee is responsible for the
appointment of the independent accountants and reviews with the independent accountants, management and the
internal audit staff, the scope and the results of the annual examination, the effectiveness of the accounting
control system and other matters relating to the financial affairs of NIKE as they deem appropriate. The
independent accountants and the internal auditors have full access to the Committee, with and without the
presence of management, to discuss any appropriate matters.
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