TJ Maxx 1999 Annual Report Download - page 22

T h e T J X C o m p a n i e s , I n c .
R E P O R T O F I N D E P E N D E N T A C C O U N T A N T S
To t h e B o a rd o f D ire c t o rs a n d S h a r e h o l d e rs o f Th e T JX C o m p a n ie s , I n c .:
In our opinion, the accompanying consolidated balance sheets and the re l ated consolidated statements of income,
s h a re h o l d e rs’ equity and cash flows present fa i rly, in all material re s p e c t s , the financial position ofTheTJX Compa-
n i e s , I n c . and subsidiaries (the “ C o m p a ny”) at Ja n u a ry 29, 2000 and Ja n u a ry 30, 1 9 9 9 , and the results of its oper-
ations and its cash flows for each of the three ye a rs in the period ended Ja n u a ry 29, 2 0 0 0 , in conformity with
accounting principles ge n e ra l ly accepted in the United Stat e s .These financial statements are the responsibility of
the Company ’s management; our responsibility is to ex p ress an opinion on these financial statements based on
our audits.We conducted our audits of these statements in accordance with auditing standards ge n e ra l ly accepted
in the United Stat e s , which re q u i re that we plan and perform the audit to obtain re a s o n able assurance ab o u t
whether the financial statements are free of material misstat e m e n t .An audit includes ex a m i n i n g , on a test basis,
evidence supporting the amounts and disclosures in the financial stat e m e n t s , assessing the accounting principles
used and significant estimates made by manage m e n t , and eva l u ating the ove rall financial statement pre s e n t at i o n .
We believe that our audits provide a re a s o n able basis for the opinion ex p ressed ab ov e.
Boston, Massachusetts
February 29, 2000
R E P O R T O F M A N A G E M E N T
The financial statements and related financial information in this annual report have been prepared by manage-
ment which is responsible for their integrity, objectivity and consistency. The financial statements were prepared
in accordance with generally accepted accounting principles and necessarily include amounts which are based
upon judgments and estimates made by management.
The Company maintains a system of internal controls designed to prov i d e, at ap p ro p r i ate cost, re a s o n abl e
a s s u rance that assets are safe g u a rd e d , t ransactions are executed in accordance with manage m e n t ’s authoriza-
tion and the accounting re c o rds may be relied upon for the pre p a ration of financial stat e m e n t s . The system of
c o n t rols includes the careful selection and training of associat e s , and the communication and ap p l i c ation of
formal policies and pro c e d u res that are consistent with high standards of accounting and administrat ive pra c-
t i c e s .The accounting and control systems are continually rev i ewe d , eva l u ated and wh e re ap p ro p r i at e, m o d i fie d
to accommodate changing business conditions and the re c o m m e n d ations of the Company ’s internal auditors
and the independent public accountants.
An Audit Committee, comprised of members of the Board of Dire c t o rs who are neither offic e rs nor employ-
ees of the Company, meets periodically with manage m e n t , internal auditors and the independent publ i c
accountants to rev i ew mat t e rs re l ating to the Company ’s financial re p o r t i n g, the adequacy of internal account-
ing controls and the scope and results of audit wo rk . The Committee is re s p o n s i ble for reporting the re s u l t s
of its activities and for recommending the selection of independent auditors to the full Board of Dire c t o rs .
The internal auditors and the independent public accountants have free access to the Committee and the
B o a rd of Dire c t o rs .
The financial statements have been examined by PricewaterhouseCoopers LLP, whose report appears sepa-
rately. Their report expresses an opinion as to the fair presentation of the consolidated financial statements and
is based on an independent examination performed in accordance with generally accepted auditing standards.
Bernard Cammarata Donald G. Campbell
Chairman and Chief Executive Officer Executive Vice President – Finance and
Chief Financial Officer
February 29, 2000