Harris Teeter 2009 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2009 Harris Teeter 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 119

  • 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
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119

59
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None
Item 9A. Controls and Procedures
(a) Evaluation of disclosure controls and procedures. As of September 27, 2009, an evaluation
of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and
15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) was
performed under the supervision and with the participation of the Company’s management, including the Chief
Executive Officer and Chief Financial Officer. Based on that evaluation, the Company’s Chief Executive Officer
and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective
to ensure that information required to be disclosed by the Company in its reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission rules and forms, and that information required to be disclosed by the
Company in the reports the Company files or submits under the Exchange Act is accumulated and communicated
to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate
to allow timely decisions regarding required disclosure.
(b) Management’s annual report on internal control over financial reporting. Management of the Company
is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in
Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act). The Company’s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial 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 (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. 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 procedures may deteriorate.
Management assessed the effectiveness of the Company’s internal control over financial reporting as
of September 27, 2009, based on the framework set forth by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO) in Internal Control-Integrated Framework. Based on that assessment,
management concluded that, as of September 27, 2009, the Company’s internal control over financial reporting
is effective based on the criteria established in Internal Control-Integrated Framework.
(c) Attestation report of the registered public accounting firm. The effectiveness of the Company’s
internal control over financial reporting as of September 27, 2009 has been audited by KPMG, LLP, an
independent registered public accounting firm. Their report, which appears in Item 8, Financial Statement and
Supplementary Data included herein, expresses an unqualified opinion on the effectiveness of the Company’s
internal control over financial reporting as of September 27, 2009.
(d) Changes in internal control over financial reporting. During the Company’s fourth fiscal quarter of
2009, there has been no change in the Company’s internal controls over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.
Item 9B. Other Information
None.