Papa Johns 2000 Annual Report Download - page 70

65
Report of Management
The consolidated financial statements appearing in this Annual Report have been prepared by management, which is
responsible for their preparation, integrity and fair presentation. The statements have been prepared in accordance
with accounting principles generally accepted in the United States and necessarily include some amounts that are
based on management’ s best estimates and judgments.
Management is responsible for the system of internal controls over financial reporting at Papa John’ s International,
Inc. and its subsidiaries, a system designed to provide reasonable assurance regarding the preparation of reliable
published financial statements. This system is augmented by written policies and procedures and the selection and
training of qualified personnel. Management believes that its system of internal controls over financial reporting
provides reasonable assurance that the financial records are reliable for preparing financial statements.
The Audit Committee of the Board of Directors meets with the independent auditors and management periodically to
discuss internal controls over financial reporting and other auditing and financial reporting matters. The Committee
reviews with the independent auditors the scope and results of the audit effort. The Committee also meets with the
independent auditors without management present to ensure that the independent auditors have free access to the
Committee. The independent auditors are recommended by the Audit Committee of the Board of Directors and
selected by the Board of Directors. Based upon their audit of the consolidated financial statements, the independent
auditors, Ernst & Young LLP, have issued their Report of Independent Auditors, which follows.
Report of Independent Auditors
The Board of Directors and Stockholders
Papa John’ s International, Inc.
We have audited the accompanying consolidated balance sheets of Papa John’ s International, Inc. and subsidiaries
as of December 31, 2000 and December 26, 1999, and the related consolidated statements of income, stockholders’
equity and cash flows for each of the three years in the period ended December 31, 2000. Our audits also included the
financial statement schedule listed in the Index at Item 14(a). These financial statements and schedule are the
responsibility of the Company's management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above (appearing on pages 36 through 58 of this
annual report) present fairly, in all material respects, the consolidated financial position of Papa John’ s International,
Inc. and subsidiaries at December 31, 2000 and December 26, 1999 , and the consolidated results of their operations
and their cash flows for each of the three years in the period ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States. Also, in our opinion, the related financial statement schedule,
when considered in relation to the financial statements taken as a whole, present fairly in all material respects the
information set forth therein.
As discussed in Note 2 to the consolidated financial statements, effective for fiscal year 1998, the Company adopted
SOP 98-5, “Reporting on the Costs of Start-Up Activities.”
/s/ Ernst & Young LLP
Louisville, Kentucky
February 27, 2001, except for Note 14