Union Pacific 2005 Annual Report Download - page 80

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MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING
The management of Union Pacific Corporation and Subsidiary Companies (the Corporation) is responsible for
establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)). The Corporation’s internal control system was designed to provide reasonable
assurance to the Corporation’s management and Board of Directors regarding the preparation and fair
presentation of published financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement
preparation and presentation.
The Corporation’s management assessed the effectiveness of the Corporation’s internal control over financial
reporting as of December 31, 2005. In making this assessment, it used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework.
Based on our assessment management believes that, as of December 31, 2005, the Corporation’s internal control
over financial reporting is effective based on those criteria.
The Corporation’s independent registered public accounting firm has issued an audit report on our
assessment of the Corporation’s internal control over financial reporting. This report appears on page 75.
February 8, 2006
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