iHeartMedia 2002 Annual Report Download - page 63

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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.
/s/ Lowry Mays
Chairman/Chief Executive Officer
/s/ Randall T. Mays
Executive Vice President/Chief Financial Officer
/s/ Herbert W. Hill, Jr.
Senior Vice President/Chief Accounting Officer
57