Paychex 2016 Annual Report Download - page 50

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REPORT ON MANAGEMENT’S ASSESSMENT OF
INTERNAL CONTROL OVER FINANCIAL REPORTING
Management of Paychex, Inc. (the “Company”) is responsible for establishing and maintaining adequate
internal control over financial reporting as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Securities Exchange Act of 1934, as amended. The Company’s internal control over financial reporting is
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
the financial statements for external purposes in accordance with generally accepted accounting principles.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of
May 31, 2016. In making this assessment, management used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission in “Internal Control — Integrated Framework” (2013).
Based on our assessment, management determined that the Company maintained effective internal control over
financial reporting as of May 31, 2016.
The Company’s independent registered public accounting firm, PricewaterhouseCoopers LLP, is appointed
by the Company’s Audit Committee. PricewaterhouseCoopers LLP has audited the Consolidated Financial
Statements included in this Annual Report on Form 10-K and the effectiveness of the Company’s internal control
over financial reporting as of May 31, 2016, and as a part of their integrated audit, has issued their report,
included herein, on the effectiveness of the Company’s internal control over financial reporting.
/s/ Martin Mucci
Martin Mucci
President and Chief Executive Officer
/s/ Efrain Rivera
Efrain Rivera
Senior Vice President, Chief Financial Officer,
and Treasurer
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