Papa Johns 2006 Annual Report Download - page 55

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52
Item 8. Financial Statements and Supplementary Data
Management’s Report on Internal Control over Financial Reporting
The consolidated financial statements appearing in this Annual Report have been prepared by
management, that 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, which
requires management to make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes.
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as
amended). Our internal control system was designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even
those systems determined to be effective can provide only reasonable assurance with respect to financial
statement preparation and presentation. Further, because of changes in conditions, the effectiveness of an
internal control system may vary over time.
Under the supervision and with the participation of our management, including our Chief Executive
Officer (CEO) and Chief Financial Officer (CFO), we conducted an evaluation of the effectiveness of our
internal control over financial reporting as of December 31, 2006 based on the framework in Internal
Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on that evaluation, our management concluded our internal control over
financial reporting was effective to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles as of December 31, 2006.
Ernst & Young LLP, an independent registered public accounting firm, has audited and reported on the
consolidated financial statements of Papa John’s International, Inc. and management’s assessment of the
effectiveness of our internal control over financial reporting. The reports of Ernst & Young LLP are
contained in this Annual Report.
/s/ Nigel Travis /s/ J. David Flanery
Nigel Travis J. David Flanery
President and Chief Executive Officer Senior Vice President and Chief Financial
Officer