Raytheon 2009 Annual Report Download - page 81

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
COMPANY RESPONSIBILITY FOR FINANCIAL STATEMENTS
The financial statements and related information contained in this Annual Report have been prepared by and are the
responsibility of our management. Our financial statements have been prepared in conformity with accounting principles
generally accepted in the United States of America and reflect judgments and estimates as to the expected effects of
transactions and events currently being reported. Our management is responsible for the integrity and objectivity of the
financial statements and other financial information included in this Annual Report. To meet this responsibility, we
maintain a system of internal control over financial reporting to provide reasonable assurance that assets are safeguarded
and that transactions are properly executed and recorded. The system includes policies and procedures, internal audits
and our officers’ reviews.
Our Audit Committee of our Board of Directors is composed solely of directors who are independent under applicable
SEC and New York Stock Exchange rules. Our Audit Committee meets periodically and, when appropriate, separately
with representatives of the independent registered public accounting firm, our officers and the internal auditors to
monitor the activities of each.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, was appointed by our Audit Committee
to audit our financial statements and our internal control over financial reporting and their report follows. Our
stockholders ratified the appointment of PricewaterhouseCoopers LLP at the 2009 Annual Meeting of Stockholders.
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the
Company. In order to evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of
the Sarbanes-Oxley Act, management has conducted an assessment, including testing, using the criteria in Internal
Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). The Company’s system of internal control over financial reporting is designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with accounting principles generally accepted in the United States of America. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Based on its assessment, management has concluded that the Company maintained effective internal control over
financial reporting as of December 31, 2009, based on criteria in Internal Control – Integrated Framework, issued by the
COSO. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2009, has been
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report
which is included below.
/s/ William H. Swanson /s/ David C. Wajsgras
William H. Swanson David C. Wajsgras
Chairman and Chief Executive Officer Senior Vice President and Chief Financial Officer
67