Cardinal Health 2010 Annual Report Download - page 107

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I
tem
9
:
Ch
anges in an
d
Disagreements Wit
h
Accountants on Accounting an
d
Financia
l
Disc
l
osure
N
one.
I
tem 9
A
:
C
ontro
l
san
d
Proce
d
ure
s
Evaluat
i
on o
f
D
i
sclosure
C
ontrols and Procedure
s
We evaluated, with the
p
artici
p
ation of our
p
rinci
p
al executive officer and
p
rinci
p
al financial officer, th
e
effectiveness of our disclosure controls and
p
rocedures (as defined in Rule 13a-1
5
(e) under the Securities
Exchange Act of 1934 (the “Exchange Act”)) as of June 30, 2010. Based on this evaluation, the principal
executive officer and
p
rinci
p
al financial officer have concluded that our disclosure controls and
p
rocedures wer
e
effective as of June 30, 2010 to
p
rovide reasonable assurance that information re
q
uired to be disclosed in our
r
eports under the Exchange Act is recorded, processed, summarized and reported within the time periods
s
p
ecified in the SEC rules and forms and that such information is accumulated and communicated t
o
management to allow timely decisions regarding required disclosure
.
M
anagement
’
s Report on Internal
C
ontrol
O
ver F
i
nanc
i
al Report
i
n
g
M
anagement is responsible for establishing and maintaining adequate internal control over financial
r
eporting as defined in Rule 13a-1
5
(f) under the Exchange Act. Our internal control system is designed t
o
p
rovide reasonable assurance regarding the preparation and fair presentation of published financial statements.
B
ecause of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance
with respect to financial statement preparation and presentation. Also, controls deemed effective now ma
y
become inadequate in the future because of changes in conditions, or because compliance with the policies o
r
p
rocedures has deteriorated or been circumvented.
M
anagement assessed the effectiveness of our internal control over financial reporting as of June 30, 2010.
In making this assessment, management used the criteria established in Internal Control-Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”).
B
ased on management’s assessment and the COSO criteria, management believes that our internal control ove
r
f
inancial reporting was effective as of June 30, 2010 to provide reasonable assurance regarding the preparatio
n
and fair
p
resentation of our
p
ublished financial statements
.
Our independent registered public accounting firm, Ernst & Young LLP, has issued a report on our interna
l
control over financial reporting. Ernst & Young LLP’s report appears below under this Item 9A and expresses
unqualified opinions on the effectiveness of our internal control over financial reporting.
C
hanges
i
n Internal
C
ontrol
O
ver F
i
nanc
i
al Report
i
n
g
There were no changes in our internal control over financial reporting during the quarter ended June 30,
2010, that have materially affected, or are reasonably likely to materially affect, our internal control ove
r
f
inancial reporting.
81