Pier 1 2008 Annual Report Download - page 71

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
As required by Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), an evaluation was conducted under the supervision and with the participation of the
Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effective-
ness of the design and operation of the Company’s disclosure controls and procedures as of March 1, 2008,
and based on this evaluation the Chief Executive Officer and Chief Financial Officer have concluded, with
reasonable assurance, that the Company’s disclosure controls and procedures were effective as of such date to
ensure that information required to be disclosed by the Company in its reports filed or furnished under the
Exchange Act is (a) accumulated and communicated to management, including the Chief Executive Officer
and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure, and
(b) recorded, processed, summarized and reported within the time periods specified in the Securities and
Exchange Commission’s rules and forms.
REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining a system of internal control over financial
reporting designed to provide reasonable assurance that transactions are executed in accordance with
management authorization and that such transactions are properly recorded and reported in the financial
statements, and that records are maintained so as to permit preparation of the financial statements in
accordance with U.S. generally accepted accounting principles. Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Management has assessed the
effectiveness of the Company’s internal control over financial reporting utilizing the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission in Internal Control — Integrated
Framework. Management concluded that based on its assessment, Pier 1 Imports, Inc.’s internal control over
financial reporting was effective as of March 1, 2008. Ernst & Young LLP, an independent registered public
accounting firm, has audited the Company’s internal control over financial reporting as of March 1, 2008, as
stated in their report which is included in this Annual Report on Form 10-K.
/s/ Alexander W. Smith
Alexander W. Smith
President and
Chief Executive Officer
/s/ Charles H. Turner
Charles H. Turner
Executive Vice President and
Chief Financial Officer
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in the Company’s internal control over financial reporting during the fourth
quarter of fiscal 2008 that would have materially affected, or would have been reasonably likely to materially
affect, the Company’s internal control over financial reporting.
69