Tyson Foods 1999 Annual Report Download - page 58

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56
Report of management
TYSON FOODS, INC. 1999 ANNUAL REPORT
The management of Tyson Foods, Inc., (the Company) has the responsibility of preparing the accompanying financial
statements and is responsible for their integrity and objectivity. The statements were prepared in conformity with
generally accepted accounting principles applied on a consistent basis. Such financial statements are necessarily based,
in part, on best estimates and judgments.
The Company maintains a system of internal accounting controls and a program of internal auditing designed to
provide reasonable assurance that the Company’s assets are protected and that transactions are executed in accordance
with proper authorization and are properly recorded. This system of internal accounting controls is continually
reviewed and modified in response to changing business conditions and operations and to recommendations made
by the independent auditors and the internal auditors. During 1999, certain of these controls were reviewed and
strengthened. Additionally, the Company has a code of conduct and an experienced full-time compliance officer.
The management of the Company believes that the accounting and control systems provide reasonable assurance
that assets are safeguarded and financial information is reliable.
The Audit Committee of the Board of Directors meets regularly with the Company’s financial management and
counsel, with the Company’s internal auditors, and with the independent auditors engaged by the Company. These
meetings include discussions of internal accounting controls and the quality of financial reporting. The independent
auditors and the Internal Audit Department have free and independent access to the Audit Committee to discuss
the results of their audits or any other matters relating to the Company’s financial affairs.
Ernst & Young LLP, independent auditors, have audited the accompanying consolidated financial statements.
November 18, 1999
WAYNE BRITT STEVEN HANKINS
Chief Executive Officer Executive Vice President and Chief Financial Officer