Ingram Micro 1999 Annual Report Download - page 53

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Ingram Micro
Annual Report
MANAGEMENT’S STATEMENT OF FINANCIAL RESPONSIBILITY
Management is responsible for the integrity of the financial information contained in this annual report, including the
Company’s consolidated financial statements, which have been prepared in conformity with generally accepted accounting
principles and include amounts based upon management’s informed estimates and judgments.
Management believes it maintains an effective system of internal accounting controls, including an internal audit program,
that is designed to provide reasonable, but not absolute, assurance that assets are safeguarded and that accounting records provide
a reliable basis for the preparation of financial statements.This system is continuously reviewed, improved and modified in response
to changing business conditions and operations, and recommendations made by the independent accountants and internal auditors.
Management believes that the accounting and control systems provide reasonable assurance that assets are safeguarded and financial
information is reliable.
The Company’s Bylaws provide that a majority of members of the Audit Committee of the Board of Directors shall be
Independent Directors who are not employees of the Company.The Audit Committee is currently comprised entirely of
Independent Directors.The Audit Committee represents the shareowners and the Board of Directors on matters relating to corpo-
rate accounting, financial reporting, internal accounting control and auditing including the ongoing assessment of the activities of
the independent accountants and internal auditors.The independent accountants and internal auditors advise the Audit Committee
of significant findings and recommendations arising from their activities and have free access to the Audit Committee, with or
without the presence of management.
Jerre L. Stead Kent B. Foster Michael J. Grainger
Chairman of the Board Chief Executive Officer and Executive Vice President and
President Worldwide Chief Financial Officer
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Stockholders of Ingram Micro Inc.
In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of income, stockholders’
equity and cash flows present fairly, in all material respects, the financial position of Ingram Micro Inc. and its subsidiaries at
January 1, 2000 and January 2, 1999, and the results of their operations and their cash flows for each of the three years in the
period ended January 1, 2000 in conformity with accounting principles generally accepted in the United States.These financial
statements are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial
statements based on our audits.We conducted our audits of these statements in accordance with auditing standards generally
accepted in the United States, which require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis
for the opinion expressed above.
PricewaterhouseCoopers LLP
Costa Mesa, California
February 17, 2000, except as to the second
paragraph of Note 5, which is as of
March 8, 2000