Papa Johns 2004 Annual Report Download - page 70

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69
Report of Management
The consolidated financial statements appearing in this Annual Report have been prepared by
management, which is responsible for their preparation, integrity and fair presentation. The statements
have been prepared in accordance with accounting principles generally accepted in the United States and
necessarily include some amounts that are based on management’s best estimates and judgments.
Management is responsible for the system of internal controls over financial reporting at Papa John’s
International, Inc. and its subsidiaries, a system designed to provide reasonable assurance regarding the
preparation of reliable published financial statements. This system is augmented by written policies and
procedures and the selection and training of qualified personnel. Management believes that its system of
internal controls over financial reporting provides reasonable assurance that the financial records are
reliable for preparing financial statements.
The Audit Committee of the Board of Directors meets with the independent auditors and management
periodically to discuss internal controls over financial reporting and other auditing and financial
reporting matters. The Audit Committee reviews with the independent auditors the scope and results of
the audit effort. The Audit Committee also meets with the independent auditors without management
present to ensure that the independent auditors have free access to the Committee. The independent
auditors are recommended by the Audit Committee and selected by the Board of Directors. Based upon
their audit of the consolidated financial statements, the independent auditors, Ernst & Young LLP, have
issued their Report of Independent Auditors, which follows.