Sara Lee 2009 Annual Report Download - page 88

86 Sara Lee Corporation and Subsidiaries
Management’s Report on Internal Control
Over Financial Reporting
Under Section 404 of The Sarbanes-Oxley Act of 2002, the corporation
is required to assess the effectiveness of its internal control over
financial reporting as of June 27, 2009 and report, based on that
assessment, whether the corporation’s internal controls over financial
reporting are effective.
Management of the corporation is responsible for establishing
and maintaining adequate internal controls over financial reporting,
as defined in Rules 13a–15f and 15d–15f under the Securities
Exchange Act of 1934. The corporation’s internal control over reporting
is designed to provide reasonable assurance regarding the reliability
of the corporation’s financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles.
The corporation’s internal control over financial reporting includes
those policies and procedures that: (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the
acquisition, disposition and other transactions regarding the assets
of the corporation; (ii) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial state-
ments in accordance with generally accepted accounting principles,
and that receipts and expenditures of the corporation are being
made only in accordance with authorizations of management and
directors of the corporation; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the corporation’s assets that could have a
material effect on the financial statements.
Internal control over reporting, because of its inherent limitations,
may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
The corporation’s management has assessed the effectiveness
of its internal control over financial reporting as of June 27, 2009.
In making this assessment, the corporation used the criteria estab-
lished in “Internal Control – Integrated Framework” issued by the
Committee of Sponsoring Organizations of the Treadway Commission.
These criteria are in the areas of control environment, risk assessment,
control activities, information and communication and monitoring.
The corporation’s assessment included documenting, evaluating
and testing of the design and operating effectiveness of its internal
control over financial reporting. Management of the corporation
reviewed the results of its assessment with the Audit Committee
of our Board of Directors.
Based on the corporation’s assessment, management has
concluded that, as of June 27, 2009, the corporation’s internal
control over financial reporting was effective.
The effectiveness of the corporation’s internal control over
financial reporting as of June 27, 2009 has been audited by
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in their report that appears herein.
Brenda C. Barnes
Chairman and Chief Executive Officer
Mark A. Garvey
Vice President, Interim Chief Financial Officer
Senior Vice President, Finance
Management’s Report