Federal Express 2006 Annual Report Download - page 65

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FEDEX CORPORATION
63
M ANAGEM ENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules
13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended). Our internal control over financial reporting includes,
among other things, defined policies and procedures for conducting and governing our business, sophisticated information systems for
processing transactions and a properly staffed, professional internal audit department. Mechanisms are in place to monitor the
effectiveness of our internal control over financial reporting and actions are taken to correct deficiencies identified. Our procedures for
financial reporting include the active involvement of senior management, our Audit Committee and a staff of highly qualified financial
and legal professionals.
Management, with the participation of our principal executive and financial officers, assessed our internal control over financial
reporting as of May 31, 2006, the end of our fiscal year. Management based its assessment on criteria established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria).
Based on this assessment, management has concluded that our internal control over financial reporting was effective as of May 31, 2006.
Our independent registered public accounting firm, Ernst & Young LLP, audited management’s assessment and the effectiveness of our
internal control over financial reporting. Ernst & Young LLP has issued their report concurring with management’s assessment, which
is included in this Annual Report.