Chevron 2004 Annual Report Download - page 49

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CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT 47

To฀the฀Stockholders฀of฀ChevronTexaco฀Corporation
Management฀of฀ChevronTexaco฀is฀responsible฀for฀preparing฀the฀accompanying฀Consolidated฀Financial฀Statements฀and฀the฀related฀infor-
mation฀appearing฀in฀this฀report.฀The฀statements฀were฀prepared฀in฀accordance฀with฀accounting฀principles฀generally฀accepted฀in฀the฀United฀
States฀of฀America฀and฀fairly฀represent฀the฀transactions฀and฀fi฀nancial฀position฀of฀the฀company.฀The฀fi฀nancial฀statements฀include฀amounts฀
that฀are฀based฀on฀management’s฀best฀estimates฀and฀judgment.
The฀independent฀registered฀public฀accounting฀fi฀rm฀PricewaterhouseCoopers฀LLP฀has฀audited฀the฀company’s฀consolidated฀fi฀nancial฀
statements฀in฀accordance฀with฀the฀standards฀of฀the฀Public฀Company฀Accounting฀Oversight฀Board฀(United฀States),฀as฀stated฀in฀their฀report฀
included฀herein.
The฀Board฀of฀Directors฀of฀ChevronTexaco฀has฀an฀Audit฀Committee฀composed฀of฀directors฀who฀are฀not฀offi฀cers฀or฀employees฀of฀the฀
company.฀The฀Audit฀Committee฀meets฀regularly฀with฀members฀of฀management,฀the฀internal฀auditors฀and฀the฀independent฀registered฀public฀
accounting฀fi฀rm฀to฀review฀accounting,฀internal฀control,฀auditing฀and฀fi฀nancial฀reporting฀matters.฀Both฀the฀internal฀auditors฀and฀the฀indepen-
dent฀registered฀public฀accounting฀fi฀rm฀have฀free฀and฀direct฀access฀to฀the฀Audit฀Committee฀without฀the฀presence฀of฀management.

The฀company’s฀management฀is฀responsible฀for฀establishing฀and฀maintaining฀adequate฀internal฀control฀over฀fi฀nancial฀reporting,฀as฀such฀
term฀is฀defi฀ned฀in฀Exchange฀Act฀Rule฀13a–15(f).฀The฀company’s฀management,฀including฀the฀Chief฀Executive฀Offi฀cer฀and฀Chief฀Financial฀
Offi฀cer,฀conducted฀an฀evaluation฀of฀the฀effectiveness฀of฀its฀internal฀control฀over฀fi฀nancial฀reporting฀based฀on฀the฀Internal฀Control฀–฀Integrated฀
Framework฀issued฀by฀the฀Committee฀of฀Sponsoring฀Organizations฀of฀the฀Treadway฀Commission.฀Based฀on฀the฀results฀of฀this฀evaluation,฀the฀
company’s฀management฀concluded฀that฀its฀internal฀control฀over฀fi฀nancial฀reporting฀was฀effective฀as฀of฀December฀31,฀2004.
The฀company฀management’s฀assessment฀of฀the฀effectiveness฀of฀its฀internal฀control฀over฀fi฀nancial฀reporting฀as฀of฀December฀31,฀2004,฀
has฀been฀audited฀by฀PricewaterhouseCoopers฀LLP,฀an฀independent฀registered฀public฀accounting฀fi฀rm,฀as฀stated฀in฀its฀report฀which฀is฀
included฀herein.
DAVID J. O’REILLY STEPHEN J. CROWE MARK A. HUMPHREY
Chairman฀of฀the฀Board฀ Vice฀President฀ Vice฀President
and฀Chief฀Executive฀Offi฀cer฀ and฀Chief฀Financial฀Offi฀cer฀ and฀Comptroller
March฀2,฀2005