UPS 2004 Annual Report Download - page 42

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40 Management’s Report on Internal Control Over Financial Reporting
Management’s Report on Internal Control Over Financial Reporting
UPS management is responsible for establishing and maintaining adequate internal controls over financial reporting for United Parcel
Service, Inc. and subsidiaries (“the Company”). Based on the criteria for effective internal control over financial reporting established
in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission,
management has assessed the Company’s internal control over financial reporting as effective as of December 31, 2004. The scope of
management’s assessment of the effectiveness of internal control over financial reporting includes all of the Company’s businesses
except for Menlo Worldwide Forwarding, a business acquired on December 20, 2004. Menlo constituted less than 3% of total assets as
of December 31, 2004 and less than 1% of total revenue and net income for the year then ended. Further discussion of this acquisi-
tion can be found in Note 7 to our consolidated financial statements. The registered independent public accounting firm of Deloitte &
Touche LLP, as auditors of the consolidated balance sheet of United Parcel Service, Inc. and its subsidiaries as of December 31, 2004
and the related consolidated statements of income, shareowners’ equity and cashflows for the year ended December 31, 2004, has
issued an attestation report on management’s assessment of the Company’s internal control over financial reporting.
United Parcel Service, Inc.
March 14, 2005