Pizza Hut 2008 Annual Report Download - page 228

106
Management’s Responsibility for Financial Statements
To Our Shareholders:
We are responsible for the preparation, integrity and fair presentation of the Consolidated Financial Statements, related
notes and other information included in this annual report. The financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America and include certain amounts based upon our
estimates and assumptions, as required. Other financial information presented in the annual report is derived from the
financial statements.
We maintain a system of internal control over financial reporting, designed to provide reasonable assurance as to the
reliability of the financial statements, as well as to safeguard assets from unauthorized use or disposition. The system is
supported by formal policies and procedures, including an active Code of Conduct program intended to ensure employees
adhere to the highest standards of personal and professional integrity. We have conducted an evaluation of the
effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our
evaluation, we concluded that our internal control over financial reporting was effective as of December 27, 2008. Our
internal audit function monitors and reports on the adequacy of and compliance with the internal control system, and
appropriate actions are taken to address significant control deficiencies and other opportunities for improving the system
as they are identified.
The Consolidated Financial Statements have been audited and reported on by our independent auditors, KPMG LLP, who
were given free access to all financial records and related data, including minutes of the meetings of the Board of
Directors and Committees of the Board. We believe that management representations made to the independent auditors
were valid and appropriate. Additionally, the effectiveness of our internal control over financial reporting has been
audited and reported on by KPMG LLP.
The Audit Committee of the Board of Directors, which is composed solely of outside directors, provides oversight to our
financial reporting process and our controls to safeguard assets through periodic meetings with our independent auditors,
internal auditors and management. Both our independent auditors and internal auditors have free access to the Audit
Committee.
Although no cost-effective internal control system will preclude all errors and irregularities, we believe our controls as of
December 27, 2008 provide reasonable assurance that our assets are reasonably safeguarded.
Richard T. Carucci
Chief Financial Officer
Form 10-K