iHeartMedia 2001 Annual Report Download - page 62

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62
ITEM 8. Financial Statements and Supplementary Data
MANAGEMENT'S REPORT ON FINANCIAL STATEMENTS
The consolidated financial statements and notes related thereto were prepared by and are the
responsibility of management. The financial statements and related notes were prepared in conformity
with accounting principles generally accepted in the United States and include amounts based upon
management's best estimates and judgments.
It is management's objective to ensure the integrity and objectivity of its financial data through systems
of internal controls designed to provide reasonable assurance that all transactions are properly recorded
in our books and records, that assets are safeguarded from unauthorized use, and that financial records
are reliable to serve as a basis for preparation of financial statements.
The financial statements have been audited by our independent auditors, Ernst & Young LLP, to the
extent required by auditing standards generally accepted in the United States and, accordingly, they have
expressed their professional opinion on the financial statements in their report included herein.
The Board of Directors meets with the independent auditors and management periodically to satisfy itself
that they are properly discharging their responsibilities. The independent auditors have unrestricted
access to the Board, without management present, to discuss the results of their audit and the quality of
financial reporting and internal accounting controls.
Lowry Mays
Chairman/Chief Executive Officer
Herbert W. Hill, Jr.
Senior Vice President/Chief Accounting Officer