Chili's 2012 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2012 Chili's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

MANAGEMENT’S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS
Management is responsible for the reliability of the consolidated financial statements and related notes,
which have been prepared in conformity with U. S. generally accepted accounting principles and include
amounts based upon our estimate and judgments, as required. The consolidated financial statements have been
audited and reported on by our independent registered public accounting firm, KPMG LLP, who were given free
access to all financial records and related data, including minutes of the meetings of the Board of Directors and
Committees of the Board. We believe that the representations made to the independent auditors were valid and
appropriate.
We maintain a system of internal controls over financial reporting designed to provide reasonable assurance
of the reliability of the consolidated financial statements. Our internal audit function monitors and reports on the
adequacy of the compliance with the internal control system and appropriate actions are taken to address
significant control deficiencies and other opportunities for improving the system as they are identified. The Audit
Committee of the Board of Directors, which is comprised solely of outside directors, provides oversight to the
financial reporting process through periodic meetings with our independent auditors, internal auditors, and
management. Both our independent auditors and internal auditors have free access to the Audit Committee.
Although no cost-effective internal control system will preclude all errors and irregularities, we believe our
controls as of and for the year ended June 27, 2012 provide reasonable assurance that the consolidated financial
statements are reliable.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate internal control over financial
reporting. We have assessed the effectiveness of our internal control over financial reporting based on the
framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission. Based on our assessment, we concluded that our internal control over financial
reporting was effective as of June 27, 2012.
Because of inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projection of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies and procedures may deteriorate.
The effectiveness of our internal control over financial reporting as of June 27, 2012 has been audited by
KPMG LLP, an independent registered public accounting firm, as stated in its attestation report which is included
herein.
/s/ DOUGLAS H. BROOKS
DOUGLAS H. BROOKS
President and Chief Executive Officer
/s/ GUY J. CONSTANT
GUY J. CONSTANT
Executive Vice President and Chief Financial Officer
F-35