Quest Diagnostics 2000 Annual Report Download - page 70

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50
STATEMENT OF MANAGEMENT RESPONSIBILITY FOR FINANCIAL STATEMENTS
The management of Quest Diagnostics Incorporated is responsible for the preparation, presentation and integrity
of the consolidated financial statements and other information included in this annual report. The financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America and
include certain amounts based on management’s best estimates and judgements.
Quest Diagnostics maintains a comprehensive system of internal controls 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 reinforced by written policies, selection and training of highly competent financial personnel,
appropriate division of responsibilities and a program of internal audits.
The Audit and Finance Committee of the Board of Directors is responsible for reviewing and monitoring Quest
Diagnostics’ financial reporting and accounting practices and recommending annually the appointment of the
independent accountants. The Audit and Finance Committee is comprised solely of non-management directors who are,
in the opinion of the Board of Directors, free from any relationship that would interfere with the exercise of independent
judgement. The Audit and Finance Committee meets periodically with management, the internal auditors and the
independent accountants to review and assess the activities of each. Both the independent accountants and the internal
auditors meet with the Audit and Finance Committee, without management present, to review the results of their audits
and their assessment of the adequacy of the system of internal accounting controls and the quality of financial reporting.
The consolidated financial statements have been audited by our independent accountants,
PricewaterhouseCoopers LLP. Their responsibility is to express an independent, professional opinion with respect to the
consolidated financial statements on the basis of an audit conducted in accordance with auditing standards generally
accepted in the United States of America.
/s/ Kenneth W. Freeman
Kenneth W. Freeman
Chairman of the Board and
Chief Executive Officer
/s/ Robert A. Hagemann
Robert A. Hagemann
Corporate Vice President and
Chief Financial Officer