Tyson Foods 2008 Annual Report Download - page 65

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The management of Tyson Foods, Inc., (the Company) has the respon-
sibility of preparing the accompanying fi nancial 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
fi nancial 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 modifi ed 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 offi cer.
The management of the Company believes that the accounting and
control systems provide reasonable assurance that assets are safe-
guarded and fi nancial information is reliable.
The Audit Committee of the Board of Directors meets regularly
with the Company’s fi nancial 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 fi nancial 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 independent auditors and the Internal Audit
Department have free and independent access to the Audit Commit-
tee to discuss the results of their audits or any other matters relating
to the Company’s fi nancial affairs.
November 17, 2008
Richard L. Bond
President and
Chief Executive Offi cer
MANAGEMENT’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate
internal control over fi nancial reporting, as defi ned in Rules 13a-15(f)
of the Securities Exchange Act of 1934. Our internal control system
was designed to provide reasonable assurance to management and
the board of directors regarding the preparation and fair presentation
of published fi nancial statements. Because of its inherent limitations,
internal control over fi nancial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or the degree of com-
pliance with the policies or procedures may deteriorate. Manage-
ment conducted an evaluation of the effectiveness of our internal
control over fi nancial reporting as of September 27, 2008. In making
this assessment, we used criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)
in Internal Control – Integrated Framework.
Based on this evaluation under the framework in Internal Control –
Integrated Framework issued by COSO, Management concluded that
the Company’s internal control over fi nancial reporting was effective
as of September 27, 2008.
The Company’s independent registered public accounting fi rm, Ernst
& Young LLP, has audited the accompanying consolidated fi nancial
statements and has issued an attestation report on the Company’s
internal control over fi nancial reporting. The attestation report
on the Company’s internal control over fi nancial reporting appears
on page 62.
Dennis Leatherby
Executive Vice President and
and Chief Financial Offi cer
Report of Management
63 2008 Annual Report