Tyson Foods 2001 Annual Report Download - page 58

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56
REPORT OF MANAGEMENT
TYSON FOODS, INC. 2001 ANNUAL REPORT
The management of Tyson Foods, Inc., (the Company) has the
responsibility of preparing the accompanying financial state-
ments and is responsible for their integrity and objectivity. The
statements were prepared in conformity with accounting prin-
ciples 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
financial information is reliable.
The Audit Committee of the Board of Directors meets regu-
larly 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 addition, the Committee has discussed with
the independent auditors, the auditors’ independence from the
Company and its management, including the matters in the writ-
ten disclosures required by the Independence Standards Board
Standard No.1 (Independence Discussions with Audit Committees).
The independent auditors and the Internal Audit Department
have free and independent access to the Audit Committee to dis-
cuss 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 12, 2001
John Tyson Steven Hankins
Chairman of the Board Executive Vice President
and Chief Executive Officer and Chief Financial Officer