Chevron 2014 Annual Report Download - page 31

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Responsibility for Financial Statements
To the Stockholders of Chevron Corporation
Management of Chevron is responsible for preparing the accompanying consolidated financial statements and the
related information 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 financial position of the
company. The financial statements include amounts that are based on management’s best estimates and judgments.
As stated in its report included herein, the independent registered public accounting firm of PricewaterhouseCoopers
LLP has audited the company’s consolidated financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States).
The Board of Directors of Chevron has an Audit Committee composed of directors who are not officers or employees of
the company. The Audit Committee meets regularly with members of management, the internal auditors and the
independent registered public accounting firm to review accounting, internal control, auditing and financial reporting
matters. Both the internal auditors and the independent registered public accounting firm have free and direct access to
the Audit Committee without the presence of management.
Management’s Report on Internal Control Over Financial Reporting
The company’s management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rule 13a-15(f). The company’s management, including the Chief
Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s internal
control over financial reporting based on the Internal Control – Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this evaluation, the
company’s management concluded that internal control over financial reporting was effective as of December 31, 2014.
On May 14, 2013, COSO published an updated Internal Control - Integrated Framework (2013) and related illustrative
documents. The company adopted the new framework effective January 1, 2014.
The effectiveness of the company’s internal control over financial reporting as of December 31, 2014, has been audited
by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included
herein.
John S. Watson Patricia E. Yarrington Matthew J. Foehr
Chairman of the Board Vice President Vice President
and Chief Executive Officer and Chief Financial Officer and Comptroller
February 20, 2015
Chevron Corporation 2014 Annual Report 29