Hormel Foods 2010 Annual Report Download - page 32

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30
Management’s Responsibility
for Financial Statements
The accompanying financial statements were prepared by the
management of Hormel Foods Corporation which is respon-
sible for their integrity and objectivity. These statements have
been prepared in accordance with U.S. generally accepted
accounting principles appropriate in the circumstances and,
as such, include amounts that are based on our best esti-
mates and judgments.
Hormel Foods Corporation has developed a system of inter-
nal controls designed to assure that the records reflect the
transactions of the Company and that the established policies
and procedures are adhered to. This system is augmented by
well-communicated written policies and procedures, a strong
program of internal audit, and well-qualified personnel.
These financial statements have been audited by Ernst &
Young LLP, an independent registered public accounting firm,
and their report is included herein. The audit was conducted
in accordance with the Public Company Accounting Oversight
Board (United States) and includes a review of the Company’s
accounting and financial controls and tests of transactions.
The Audit Committee of the Board of Directors, composed
solely of outside directors, meets periodically with the
independent auditors, management, and the internal audi-
tors to assure that each is carrying out its responsibilities.
Both Ernst & Young LLP and our internal auditors have full
and free access to the Audit Committee, with or without the
presence of management, to discuss the results of their audit
work and their opinions on the adequacy of internal controls
and the quality of financial reporting.
Report of Management
Management’s Report on Internal Control
Over Financial Reporting
Management of Hormel Foods Corporation is responsible for
establishing and maintaining adequate internal control over
financial reporting for the Company, as such term is defined
in Exchange Act Rule 13a–15(f). The Company’s internal
control system is designed to provide reasonable assur-
ance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting standards.
Under the supervision, and with the participation of manage-
ment, including the chief executive officer and chief financial
officer, we conducted an evaluation of the effectiveness of our
internal control over financial reporting based on the frame-
work in Internal Control – Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway
Commission.
Based on our evaluation under the framework in Internal
Control – Integrated Framework, we concluded that our inter-
nal control over financial reporting was effective as of October
31, 2010. Our internal control over financial reporting as of
October 31, 2010, has been audited by Ernst & Young LLP, an
independent registered public accounting firm, as stated in
their report which is included herein.
Jeffrey M. Ettinger
Chairman of the Board,
President and
Chief Executive Officer
Jody H. Feragen
Executive Vice President
and Chief Financial Officer