National Oilwell Varco 2003 Annual Report Download - page 22

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21
customer demand for our products and worldwide economic activity. You should also consider
carefully the statements under "Risk Factors" which address additional factors that could cause
our actual results to differ from those set forth in the forward-looking statements. Given these
uncertainties, current or prospective investors are cautioned not to place undue reliance on any
such forward-looking statements. We undertake no obligation to update any such factors or
forward-looking statements to reflect future events or developments.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Incorporated by reference to Item 7 above, “Market Risk Disclosure.”
Item 8. Financial Statement and Supplementary Data
Attached hereto and a part of this report are financial statements and supplementary
data listed in Item 15.
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
Our chief executive officer and chief financial officer, based on their evaluation
of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-
14(c)) as of a date within 90 days prior to the filing of this annual report on Form
10-K, have concluded that our disclosure controls and procedures are adequate
and effective for the information required to be disclosed by us in the reports we
file or submit under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and that this information is recorded, processed, summarized
and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms.
(b) Changes in internal control
Management, in consultation with the Company's independent accountants,
identified deficiencies in certain aspects of its Distribution Group's controls over
a clearing account in the purchasing system which constituted a "Reportable
Condition" under standards established by the American Institute of Certified
Public Accountants. Management has implemented process changes to prevent
any recurrence of this situation. This matter and its resolution have been
discussed with the Company's Audit Committee.
There were no other changes in the Company's internal control over financial
reporting identified in connection with the foregoing evaluation that occurred
during the Company's last fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the Company's internal control over
financial reporting.