Pizza Hut 2005 Annual Report Download - page 48
Download and view the complete annual report
Please find page 48 of the 2005 Pizza Hut annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.MANAGEMENT’SRESPONSIBILITYFORFINANCIALSTATEMENTS
ToOurShareholders:
Weareresponsibleforthepreparation,integrityandfairpresentationoftheConsolidatedFinancialStatements,
relatednotesandotherinformationincludedinthisannualreport.Thefinancialstatementswerepreparedin
accordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmericaandincludecertain
amountsbaseduponourestimatesandassumptions,asrequired.Otherfinancialinformationpresentedinthe
annualreportisderivedfromthefinancialstatements.
Wemaintainasystemofinternalcontroloverfinancialreporting,designedtoprovidereasonableassurance
astothereliabilityofthefinancialstatements,aswellastosafeguardassetsfromunauthorizeduseordisposi-
tion.Thesystemissupportedbyformalpoliciesandprocedures,includinganactiveCodeofConductprogram
intendedtoensureemployeesadheretothehigheststandardsofpersonalandprofessionalintegrity.Wehave
conductedanevaluationoftheeffectivenessofourinternalcontroloverfinancialreportingbasedontheframe-
workinInternalControl—IntegratedFrameworkissuedbytheCommitteeofSponsoringOrganizationsofthe
TreadwayCommission.Basedonourevaluation,weconcludedthatourinternalcontroloverfinancialreporting
waseffectiveasofDecember31,2005.Ourinternalauditfunctionmonitorsandreportsontheadequacyof
andcompliancewiththeinternalcontrolsystem,andappropriateactionsaretakentoaddresssignificantcontrol
deficienciesandotheropportunitiesforimprovingthesystemastheyareidentified.
TheConsolidatedFinancialStatementshavebeenauditedandreportedonbyourindependentauditors,
KPMGLLP,whoweregivenfreeaccesstoallfinancialrecordsandrelateddata,includingminutesofthe
meetingsoftheBoardofDirectorsandCommitteesoftheBoard.Webelievethatmanagementrepresentations
madetotheindependentauditorswerevalidandappropriate.Additionally,ourassessmentoftheeffectiveness
ofourinternalcontroloverfinancialreportinghasbeenauditedandreportedonbyKPMGLLP.
TheAuditCommitteeoftheBoardofDirectors,whichiscomposedsolelyofoutsidedirectors,providesover-
sighttoourfinancialreportingprocessandourcontrolstosafeguardassetsthroughperiodicmeetingswithour
independentauditors,internalauditorsandmanagement.Bothourindependentauditorsandinternalauditors
havefreeaccesstotheAuditCommittee.
Althoughnocost-effectiveinternalcontrolsystemwillprecludeallerrorsandirregularities,webelieveour
controlsasofDecember31,2005providereasonableassurancethatourassetsarereasonablysafeguarded.
RichardT.Carucci
ChiefFinancialOfficer
52. | Yum!Brands,Inc.