Xerox 2006 Annual Report Download - page 109

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REPORTS OF MANAGEMENT
Management’s Responsibility for Financial Statements
Our management is responsible for the integrity and
objectivity of all information presented in this annual
report. The consolidated financial statements were
prepared in conformity with accounting principles
generally accepted in the United States of America and
include amounts based on management’s best estimates
and judgments. Management believes the consolidated
financial statements fairly reflect the form and substance
of transactions and that the financial statements fairly
represent the Company’s financial position and results of
operations.
The Audit Committee of the Board of Directors,
which is composed solely of independent directors, meets
regularly with the independent auditors,
PricewaterhouseCoopers LLP, the internal auditors and
representatives of management to review accounting,
financial reporting, internal control and audit matters, as
well as the nature and extent of the audit effort. The Audit
Committee is responsible for the engagement of the
independent auditors. The independent auditors and
internal auditors have free access to the Audit Committee.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and
maintaining adequate internal control over financial
reporting, as such term is defined in the rules promulgated
under the Securities Exchange Act of 1934. Under the
supervision and with the participation of our
management, including our principal executive, financial
and accounting officers, we have conducted an evaluation
of the effectiveness of our internal control over financial
reporting based on the framework in “Internal Control –
Integrated Framework” issued by the Committee of
Sponsoring Organizations of the Treadway Commission.
Based on the above evaluation, management has
concluded that our internal control over financial
reporting was effective as of December 31, 2006. Our
management’s assessment of the effectiveness of our
internal control over financial reporting as of
December 31, 2006 has been audited by
PricewaterhouseCoopers LLP, an independent registered
public accounting firm, as stated in their report which is
included herein.
Anne M. Mulcahy Lawrence A. Zimmerman Gary R. Kabureck
Chief Executive Officer Chief Financial Officer Chief Accounting Officer
107