Papa Johns 2010 Annual Report Download - page 65

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58
Item 8. Financial Statements and Supplementary Data
Management’s Report on Internal Control over Financial Reporting
The consolidated financial statements appearing in this Annual Report have been prepared by
management, who 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,
which requires management to make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes.
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as
amended). Our internal control system was designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even
those systems determined to be effective can provide only reasonable assurance with respect to financial
statement preparation and presentation. Further, because of changes in conditions, the effectiveness of an
internal control system may vary over time.
Under the supervision and with the participation of our management, including our Co-Chief Executive
Officers (Co-CEOs) and Chief Financial Officer (CFO), we conducted an evaluation of the effectiveness
of our internal control over financial reporting as of December 26, 2010 based on the framework in
Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). Based on that evaluation, our management concluded our internal
control over financial reporting was effective to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles as of December 26, 2010.
Ernst & Young LLP, an independent registered public accounting firm, has audited and reported on the
consolidated financial statements of Papa John’s International, Inc. and on the effectiveness of our
internal controls over financial reporting. The reports of Ernst & Young LLP are contained in this
Annual Report.
/s/ John H. Schnatter
John H. Schnatter
Founder, Chairman and Co-Chief Executive Officer
/s/ J. Jude Thompson
J. Jude Thompson
President and Co-Chief Executive Officer
/s/ J. David Flanery
J. David Flanery
Senior Vice President and Chief Financial Officer
February 22, 2011