Xerox 2011 Annual Report Download - page 107

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105Xerox 2011 Annual Report
Reports of Management
Ursula M. Burns
Chief Executive Officer
Luca Maestri
Chief Financial Officer
Gary R. Kabureck
Chief Accounting Officer
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, 2011.