Tyson Foods 2000 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2000 Tyson Foods 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 56

  • 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

REPORT OF MANAGEMENT
TYSON FOODS, INC. 2000 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 objec-
tivity. The statements were prepared in conformity with
accounting principles generally accepted in the United States
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. 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 finan-
cial 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 Audit Committee
has discussed with the independent auditors matters
required to be discussed by Statement of Auditing Standards
No. 61 (Communication with Audit Committees). In addi-
tion, the Committee has discussed with the independent
auditors, the auditors’ independence from the Company
and its management, including the matters in the written
disclosures required by the Independence Standards Board
Standard No. 1 (Independence Discussions with Audit Com-
mittees). 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 13, 2000
John Tyson Steven Hankins
Chairman of the Board, Executive Vice President
President and and Chief Financial Officer
Chief Executive Officer
46