Dominion Power 2003 Annual Report Download - page 55

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53.Dominion 2003
Report of Management’s Responsibilities
The management of Dominion Resources, Inc. is responsible for
all information and representations contained in the Consolidated
Financial Statements and other sections of the annual report on
Form 10-K. The Consolidated Financial Statements, which include
amounts based on estimates and judgments of management,
have been prepared in conformity with accounting principles
generally accepted in the United States of America. Other finan-
cial information in the Form 10-K is consistent with that in the
Consolidated Financial Statements. Certifications by Dominion’s
chief executive officer and chief financial officer required by Sec-
tion 302 of the Sarbanes-Oxley Act of 2002 have been filed as
Exhibits 31.1 and 31.2 in the Form 10-K.
Management maintains a system of internal controls designed
to provide reasonable assurance, at a reasonable cost, that
Dominion’s and its subsidiaries’ assets are safeguarded against
loss from unauthorized use or disposition and that transactions
are executed and recorded in accordance with established pro-
cedures. Management recognizes the inherent limitations of any
system of internal control, and therefore cannot provide absolute
assurance that the objectives of the established internal controls
will be met.
This system includes written policies, an organizational struc-
ture designed to ensure appropriate segregation of responsibili-
ties, careful selection and training of qualified personnel and
internal audits. Management believes that during 2003 the
system of internal control was adequate to accomplish the
intended objectives.
The Consolidated Financial Statements have been audited by
Deloitte & Touche LLP, independent auditors, who were desig-
nated by the Audit Committee of the Board of Directors. Deloitte
& Touche LLP’s audits were conducted in accordance with audit-
ing standards generally accepted in the United States of America
and include a review of Dominion’s and its subsidiaries’ account-
ing systems, procedures and internal controls, and the perfor-
mance of tests and other auditing procedures sufficient to provide
reasonable assurance that the Consolidated Financial Statements
are not materially misleading and do not contain material errors.
The Audit Committee of the Board of Directors of Dominion
Resources, Inc., composed entirely of independent directors
meets periodically with the independent auditors, the internal
auditors and management to discuss auditing, internal account-
ing control and financial reporting matters of Dominion and to
ensure that each is properly discharging its responsibilities. Both
independent auditors and the internal auditors periodically meet
alone with the Audit Committee and have free access to the Com-
mittee at any time.
Management recognizes its responsibility for fostering a
strong ethical climate so that Dominion’s affairs are conducted
according to the highest standards of personal corporate con-
duct. This responsibility is characterized and reflected in
Dominion’s code of ethics, which addresses potential conflicts of
interest, compliance with all domestic and foreign laws, the
confidentiality of proprietary information, and full disclosure of
public information.
Dominion Resources, Inc.
Thos. E. Capps
Chief Executive Officer
Thomas N. Chewning
Executive Vice President and Chief Financial Officer
Steven A. Rogers
Vice President, Controller and Principal Accounting Officer