Equifax 2004 Annual Report Download - page 47

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R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G
F I R M O N I N T E R N A L C O N T R O L O V E R F I N A N C I A L R E P O R T I N G
We have audited management’s assessment, included in
the accompanying Management’s Report on Internal
Control Over Financial Reporting, that Equifax Inc. main-
tained effective internal control over fi nancial reporting
as of December 31, 2004, based on criteria established in
Internal Control – Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway
Commission (the COSO criteria). Equifax Inc.’s man-
agement is responsible for maintaining effective internal
control over fi nancial reporting and for its assessment of
the effectiveness of internal control over fi nancial report-
ing. Our responsibility is to express an opinion on man-
agement’s assessment and an opinion on the effectiveness
of the company’s internal control over fi nancial reporting
based on our audit.
We conducted our audit in accordance with the standards of
the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether effec-
tive internal control over fi nancial reporting was maintained
in all material respects. Our audit included obtaining an
understanding of internal control over fi nancial reporting,
evaluating management’s assessment, testing and evaluating
the design and operating effectiveness of internal control
and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.
A company’s internal control over fi nancial reporting is a
process designed to provide reasonable assurance regarding
the reliability of fi nancial reporting and the preparation of
fi nancial statements for external purposes in accordance
with generally accepted accounting principles. A compa-
ny’s internal control over fi nancial reporting includes those
policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly
refl ect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transac-
tions are recorded as necessary to permit preparation of
fi nancial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the company are being made only in accordance with
authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposi-
tion of the company’s assets that could have a material effect
on the fi nancial statements.
Because of its inherent limitations, internal control over
fi nancial reporting may not prevent or detect misstate-
ments. Also, projections 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 or proce-
dures may deteriorate.
In our opinion, management’s assessment that Equifax Inc.
maintained effective internal control over fi nancial report-
ing as of December 31, 2004 is fairly stated, in all material
respects, based on the COSO criteria. Also, in our opinion,
Equifax Inc. maintained, in all material respects, effective
internal control over fi nancial reporting as of December 31,
2004 based on the COSO criteria.
We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United
States), the consolidated balance sheets as of December 31,
2004 and 2003, and the related consolidated statements
of operations, shareholders’ equity and comprehensive
income (loss), and cash fl ows for each of the three years in
the period ended December 31, 2004 of Equifax Inc. and
our report dated March 15, 2005 expressed an unqualifi ed
opinion therein.
The Board of Directors and Stockholders of Equifax Inc.:
Atlanta, Georgia
March 15, 2005