Quest Diagnostics 2003 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2003 Quest Diagnostics 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.

Page out of 109

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109

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 judgments.
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 the annual appointment of the independent
auditors. The Audit and Finance Committee meets periodically with management, the internal auditors and the
independent auditors to review and assess the activities of each. Both the independent auditors and the internal
auditors meet with the Audit and Finance Committee, without management present, to review the results of
their audits.
The consolidated financial statements have been audited by our independent auditors,
PricewaterhouseCoopers LLP. Their responsibility is to express an 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.
By /s/ Kenneth W. Freeman Chairman of the Board and February 26, 2004
Chief Executive Officer
Kenneth W. Freeman
By /s/ Surya N. Mohapatra President and February 26, 2004
Chief Operating Officer
Surya N. Mohapatra
By /s/ Robert A. Hagemann Senior Vice President and February 26, 2004
Chief Financial Officer
Robert A. Hagemann
52