Albertsons 2007 Annual Report Download - page 46

u
nder the Exchange Act) as of February 24, 2007, the end of the period covered by this Annual Report on Form
10-K. Base
d
upon t
h
at eva
l
uat
i
on, t
h
ec
hi
e
f
execut
i
ve o
ffi
cer an
d
c
hi
e
ffi
nanc
i
a
l
o
ffi
cer conc
l
u
d
e
d
t
h
at as o
f
t
he
v
aluation date, the Compan
y
’s disclosure controls and procedures are effective to ensure that information
required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded,
processe
d
, summar
i
ze
d
an
d
reporte
d
w
i
t
hi
nt
h
et
i
me per
i
o
d
s spec
ifi
e
di
n SEC ru
l
es an
df
orms
.
Management’s Annual Report on Internal Control Over Financial Reportin
g
Th
e
fi
nanc
i
a
l
statements,
fi
nanc
i
a
l
ana
l
yses an
d
a
ll
ot
h
er
i
n
f
ormat
i
on
i
nc
l
u
d
e
di
nt
hi
s Annua
l
Report on Form
10-K were prepared b
y
the Compan
y
’s mana
g
ement, which is responsible for establishin
g
and maintainin
g
ad
equate
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng
.
T
he Compan
y
’s internal control over financial reportin
g
is desi
g
ned to provide reasonable assurance re
g
ardin
g
the reliability of financial reporting and the preparation of financial statements for external purposes in
a
ccor
d
ance w
i
t
h
genera
ll
y accepte
d
account
i
ng pr
i
nc
i
p
l
es. T
h
e Company’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
reportin
g
includes those policies and procedures that
:
i
. perta
i
ntot
h
ema
i
ntenance o
f
recor
d
st
h
at,
i
n reasona
bl
e
d
eta
il
, accurate
l
yan
df
a
i
r
l
yre
fl
ect t
h
e
t
ransactions and dispositions of the assets of the Compan
y
;
ii
. prov
id
e reasona
bl
e assurance t
h
at transact
i
ons are recor
d
e
d
as necessary to perm
i
t preparat
i
on o
f
financial statements in accordance with
g
enerall
y
accepted accountin
g
principles, and that receipts and
e
xpenditures of the Company are being made only in accordance with authorizations of management
an
ddi
rectors o
f
t
h
e Company; an
d
i
ii. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition an
d
use or
di
spos
i
t
i
on o
f
t
h
e Company’s assets t
h
at cou
ld h
ave a mater
i
a
l
e
ff
ect on t
h
e
fi
nanc
i
a
l
statements
.
T
here are inherent limitations in the effectiveness of an
y
internal control, includin
g
the possibilit
y
of human error
a
n
d
t
h
ec
i
rcumvent
i
on or overr
idi
ng o
f
contro
l
s. Accor
di
ng
l
y, even e
ff
ect
i
ve
i
nterna
l
contro
l
s can prov
id
eon
l
y
reasonable assurances with respect to financial statement preparation. Further, because of chan
g
es in conditions,
the effectiveness of internal controls ma
y
var
y
over time.
Mana
g
ement assesse
d
t
h
e
d
es
ig
nan
d
e
ff
ect
i
veness o
f
t
h
e Compan
y
’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
n
g
a
s
o
f Februar
y
24, 2007. In makin
g
this assessment, mana
g
ement used the criteria set forth b
y
the Committee o
f
Sponsor
i
ng Organ
i
zat
i
ons o
f
t
h
e Trea
d
way Comm
i
ss
i
on
i
nInterna
l
Contro
l
—Inte
g
rate
d
Framewor
k
. Base
d
on
mana
g
ement’s assessment us
i
n
g
t
hi
s
f
ramewor
k
,
i
t
b
e
li
eves t
h
at, as o
f
Fe
b
ruar
y
24, 2007, t
h
e Compan
y
’s
internal control over financial reportin
g
is effective.
M
anagement’s assessment o
f
t
h
ee
ff
ect
i
veness o
f
t
h
e Company’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng as o
f
F
ebruar
y
24, 2007, has been audited b
y
KPMG LLP, our independent re
g
istered public accountin
g
firm. Thei
r
report, which is set forth on page F-
5
of this Annual Report on Form 10-K, expresses an unqualified opinion o
n
management’s assessment an
d
on t
h
ee
ff
ect
i
veness o
f
t
h
e Company’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
ng as
o
f Februar
y
24, 2007.
C
han
g
es
i
n Internal
C
ontrol
O
ver F
i
nanc
i
al Report
i
n
g
Durin
g
the fiscal quarter ended Februar
y
24, 2007, there has been no chan
g
e in the Compan
y
’s internal contro
l
o
ver financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is
reasona
bly lik
e
ly
to mater
i
a
lly
a
ff
ect, t
h
e Compan
y
’s
i
nterna
l
contro
l
over
fi
nanc
i
a
l
report
i
n
g.
I
TEM 9B.
O
THER INF
O
RMATI
ON
N
one
.
40