Tyson Foods 2004 Annual Report Download - page 65

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63
REPORT OF MANAGEMENT
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 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 trans-
actions 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 busi-
ness 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 account-
ing 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 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 written
disclosures required by the Independence Standards Board Standard
No. 1 (Independence Discussions with Audit Committees). The inde-
pendent 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.
December 8, 2004
John Tyson
Chairman of the Board and
Chief Executive Officer
Dennis Leatherby
Senior Vice President, Finance
and Treasurer and Interim
Chief Financial Officer