Symantec 2011 Annual Report Download - page 122

on an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) of the Exchange Act) by our management, with the participation of our Chief Executive Officer and our
Chief Financial Officer, that our disclosure controls and procedures were effective as of the end of the period
covered by this report.
(b) Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) for Symantec. Our management, with
the participation of our Chief Executive Officer and our Chief Financial Officer, has conducted an evaluation of the
effectiveness of our internal control over financial reporting as of April 1, 2011, based on criteria established in
Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (“COSO”). We have excluded from our evaluation, the internal control over financial reporting of the
identity and authentication business acquired from VeriSign, Inc. and subsidiaries (“VeriSign”), which we acquired
on August 9, 2010, as discussed in Note 3 of the Notes to Consolidated Financial Statements in this annual report.
As of April 1, 2011, total net tangible assets subject to VeriSign’s internal control over financial reporting
represented $178 million or 1% of our total assets. Total revenue subject to VeriSign’s internal control over financial
reporting represented $137 million of net revenue, or less than 2% of net revenue for the fiscal year ended April 1,
2011. As noted below, our internal control over financial reporting, subsequent to the date of acquisition, includes
certain additional internal controls relating to the identity and authentication business of VeriSign, in addition to
VeriSign’s internal control over financial reporting.
Our management has concluded that, as of April 1, 2011, our internal control over financial reporting was
effective based on these criteria.
The Company’s independent registered public accounting firm has issued an attestation report regarding its
assessment of the Company’s internal control over financial reporting as of April 1, 2011, which is included in
Part IV, Item 15 of this annual report.
(c) Changes in Internal Control over Financial Reporting
As a result of our acquisition of the identity and authentication business of VeriSign on August 9, 2010, our
internal control over financial reporting, subsequent to the date of acquisition, includes certain additional internal
controls relating to such acquisition. Except as described above, there were no changes in our internal control over
financial reporting during the quarter ended April 1, 2011 which have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
(d) Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our
disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no
matter how well conceived and operated, can provide only reasonable, but not absolute, assurance that the
objectives of the control system are met. Furthermore, the design of a control system must reflect the fact that there
are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the
inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control
issues and instances of fraud, if any, within our Company have been detected.
Item 9B. Other Information
None
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