Hess 2000 Annual Report Download - page 47

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45
The consolidated financial statements of Amerada Hess
Corporation and consolidated subsidiaries were prepared
by and are the responsibility of management. These finan-
cial statements conform with generally accepted account-
ing principles and are, in part, based on estimates and
judgements of management. Other information included
in this Annual Report is consistent with that in the con-
solidated financial statements.
The Corporation maintains a system of internal controls
designed to provide reasonable assurance that assets are
safeguarded and that transactions are properly executed
and recorded. Judgements are required to balance the rela-
tive costs and benefits of this system of internal controls.
The Corporation’s consolidated financial statements have
been audited by Ernst & Young LLP, independent auditors,
who have been selected by the Audit Committee and the
Board of Directors and approved by the stockholders.
Ernst & Young LLP assesses the Corporation’s system of
internal controls and performs tests and procedures that
they consider necessary to arrive at an opinion on the fair-
ness of the consolidated financial statements.
The Audit Committee of the Board of Directors consists
solely of independent directors. The Audit Committee
meets periodically with the independent auditors, inter-
nal auditors and management to review and discuss the
annual audit scope and plans, the adequacy of staffing,
the system of internal controls and the results of
examinations. At least annually, the Audit Committee
meets with the independent auditors and with the inter-
nal auditors without management present. The Audit
Committee also reviews the Corporation’s financial state-
ments with management and the independent auditors.
This review includes a discussion of accounting princi-
ples, significant judgements inherent in the financial
statements, disclosures and such other matters required
by generally accepted auditing standards. Ernst & Young
LLP and the Corporation’s internal auditors have unre-
stricted access to the Audit Committee.
John B. Hess
Chairman of the Board and Chief Executive Officer
John Y. Schreyer
Executive Vice President and Chief Financial Officer
REPORT OF MANAGEMENT
Amerada Hess Corporation and Consolidated Subsidiaries