Nordstrom 2007 Annual Report Download - page 41

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Nordstrom, Inc. and subsidiaries 33
Item 8. Financial Statements and Supplementary Data.
MANAGEMENT RESPONSIBILITY FOR FINANCIAL INFORMATION
We are responsible for the preparation, integrity and fair presentation of our financial statements and the other information that appears in this
annual report on Form 10-K. The financial statements have been prepared in accordance with accounting principles generally accepted in the United
States and include estimates based on our best judgment.
We maintain a comprehensive system of internal controls and procedures designed to provide reasonable assurance, at an appropriate cost-benefit
relationship, that our financial information is accurate and reliable, our assets are safeguarded and our transactions are executed in accordance
with established procedures.
Deloitte and Touche LLP, an independent registered public accounting firm, is retained to audit Nordstrom’s consolidated financial statements and
management’s assessment of the effectiveness of the Company’s internal control over financial reporting. Its accompanying reports are based on
audits conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States).
The Audit Committee, which is comprised of five independent directors, meets regularly with our management, our internal auditors and the
independent registered public accounting firm to ensure that each is properly fulfilling its responsibilities. The Committee oversees our systems
of internal control, accounting practices, financial reporting and audits to ensure their quality, integrity and objectivity are sufficient to protect
shareholders’ investments.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as is defined in the Securities
Exchange Act of 1934. These internal controls are designed to provide reasonable assurance that the reported financial information is presented
fairly, that disclosures are adequate and that the judgments inherent in the preparation of financial statements are reasonable. There are inherent
limitations in the effectiveness of any system of internal control, including the possibility of human error and overriding of controls. Consequently,
an effective internal control system can only provide reasonable, not absolute, assurance, with respect to reporting financial information.
Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria
established in Internal Control — Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of February 2, 2008.
/s/ Michael G. Koppel
Michael G. Koppel
Executive Vice President and Chief Financial Officer
/s/ Blake W. Nordstrom
Blake W. Nordstrom
President