Pep Boys 2006 Annual Report Download - page 114

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75
As of February 3, 2007, management assessed the effectiveness of the Company’s internal control over
financial reporting based on the criteria established in Internal Control—Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this
assessment, management has determined that the Company’s internal control over financial reporting as of
February 3, 2007 is effective. Because of the inherent limitations of internal control over financial
reporting, including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections
of any evaluation of the effectiveness of the internal control over financial reporting to future periods are
subject to the risk that the controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
Deloitte & Touche LLP, the Company’s independent registered public accounting firm who audited
the Company’s consolidated financial statements, has issued a report on management’s assessment of the
Company’s internal control over financial reporting as of February 3, 2007 and is included on page 76
herein.