Albertsons 2015 Annual Report Download - page 103

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101
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
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 28, 2015, 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 28, 2015, 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 control can provide only reasonable assurances
with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control
may vary over time.
Management assessed the design and effectiveness of the Company’s internal control over financial reporting as of
February 28, 2015. In making this assessment, management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (1992). Based on
management’s assessment under the framework in Internal Control - Integrated Framework (1992), as of February 28, 2015,
the Company’s internal control over financial reporting is effective.
The effectiveness of the Company’s internal control over financial reporting as of February 28, 2015 has been audited by
KPMG LLP, the Company’s independent registered public accounting firm. Their report, which is set forth in Part II, Item 8 of
this Annual Report on Form 10-K, expresses an unqualified opinion on the effectiveness of the Company’s internal control over
financial reporting as of February 28, 2015.
COSO issued an update to the 1992 framework during 2013 and indicated that the updated framework would supersede the
original framework on December 15, 2014. Management intends to adopt the 2013 Framework into the assessment of the
design and effectiveness of the Company's internal control over financial reporting in fiscal 2016.