Plantronics 2001 Annual Report Download - page 30

Plantronics 2001 Annual Report 26
Management’s Report on Responsibility for Financial Reporting
To Our Stockholders:
The management of Plantronics, Inc. has the responsibility for preparing the accompanying
consolidated financial statements and for their integrity and objectivity. The statements were
prepared in accordance with accounting principles generally accepted in the United States
of America. The consolidated financial statements include amounts that are based on man-
agement’s best estimates and judgments. Management also prepared the other information
in this annual report and is responsible for its accuracy and consistency with the consolidated
financial statements.
We maintain an effective internal control structure. It consists, in part, of organizational arrange-
ments with clearly defined lines of responsibility and delegation of authority, and compre-
hensive systems and control procedures. We believe this structure provides reasonable assurance
that transactions are executed in accordance with management authorization, and that they
are appropriately recorded in order to permit preparation of financial statements in conformity
with generally accepted accounting principles and to adequately safeguard, verify and maintain
accountability of assets. Although no cost-effective internal control system will preclude all errors
and irregularities, we believe our controls as of March 31, 2001 provide reasonable assurance
that the financial statements are reliable and that our assets are reasonably safeguarded.
To assure the effective administration of internal control, we carefully select and train our
employees, develop and disseminate written policies and procedures, provide appropriate
communication channels, and foster an environment conducive to the effective functioning
of controls. We maintain an active Standards of Conduct program intended to ensure employ-
ees adhere to the highest standards of personal and professional integrity.
The Audit Committee of the Board of Directors consists of three directors who are not
employees and who are, in the opinion of the Board of Directors, free from any relationship
that would interfere with the exercise of independent judgment as an Audit Committee
member. The Audit Committee annually recommends to the Board independent auditors
for appointment, subject to stockholder ratification. Pursuant to stockholder approval at last
year’s annual meeting, PricewaterhouseCoopers LLP was selected as our independent
accountants. The Audit Committee met during the year with representatives of management
and our independent accountants to review our financial reporting process and our controls
to safeguard assets. Our independent accountants at all times have full and free access to the
Audit Committee.
The accounting firm of PricewaterhouseCoopers LLP has performed an independent audit
of our financial statements. Management has made available to PricewaterhouseCoopers
LLP all of the financial records of Plantronics and related data, as well as the minutes