Public Storage 2003 Annual Report Download - page 67
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57
ITEM 8. Financial Statements and Supplementary Data
The financial statements of the Company at December 31, 2003 and December 31, 2002 and for each of the
three years in the period ended December 31, 2003 and the report of Ernst & Young LLP, Independent Auditors,
thereon and the related financial statement schedule, are included elsewhere herein. Reference is made to the Index
to Financial Statements and Schedules in Item 15.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
ITEM 9A. Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information
required to be disclosed in reports the Company files and submits under the Exchange Act, is recorded, processed,
summarized and reported within the time periods specified in accordance with SEC guidelines and that such
information is communicated to the Company's management, including its Chief Executive Officer and Chief
Financial Officer, to allow timely decisions regarding required disclosure based on the definition of "disclosure
controls and procedures" in Rule 13a-15(e) of the Exchange Act. In designing and evaluating the disclosure controls
and procedures, management recognized that any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired control objectives. Also, the Company has
investments in certain unconsolidated entities. As the Company does not control or manage these entities, its
disclosure controls and procedures with respect to such entities are substantially more limited than those it maintains
with respect to its consolidated subsidiaries.
At the end of the period covered by this report, the Company carried out an evaluation, under the
supervision and with the participation of the Company's management, including the Company's Chief Executive
Officer, Chief Operating Officer and Chief Financial Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e). Based upon that
evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's
disclosure controls and procedures were effective. During the fourth quarter of 2003, there were no changes in the
Company's internal control over financial reporting that have materially affected, or are reasonably likely to
materially affect, the Companyî‚’s internal control over financial reporting.