Albertsons 2010 Annual Report Download - page 76

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company carried out an evaluation, under the supervision and with the participation of the Company’s
management, including the Company’s Chief Executive Officer and its Chief Financial Officer, of the
effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in
Rule 13a-15(e) under the Exchange Act) as of February 27, 2010, the end of the period covered by this
Annual Report on Form 10-K. Based on this evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that, as of February 27, 2010, the Company’s disclosure controls and procedures are
effective to provide reasonable assurance that information required to be disclosed by the Company in the
reports that it files or submits under the Exchange Act is (1) recorded, processed, summarized and reported
within the time periods specified by the SEC’s rules and forms and (2) accumulated and communicated to the
Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, in a
manner that allows timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control Over Financial Reporting
The financial statements, financial analyses and all other information included in this Annual Report on
Form 10-K were prepared by the Company’s management, which is responsible for establishing and
maintaining adequate internal control over financial reporting.
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. The Company’s internal control over financial
reporting includes those policies and procedures that:
i. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Company;
ii. provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the Company are being made only in accordance with authorizations of
management and directors of the Company; and
iii. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition and
use or disposition of the Company’s assets that could have a material effect on the financial
statements.
There are inherent limitations in the effectiveness of any internal control, including the possibility of human
error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide
only reasonable assurances with respect to financial statement preparation. Further, because of changes in
conditions, the effectiveness of internal controls may vary over time.
Management assessed the design and effectiveness of the Company’s internal control over financial reporting
as of February 27, 2010. In making this assessment, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework. Based
on management’s assessment using this framework, as of February 27, 2010, the Company’s internal control
over financial reporting is effective.
70