Raytheon 2013 Annual Report Download - page 82

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72
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 2013 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) in 1992. 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, 2013, based on criteria in Internal Control – Integrated Framework, issued by the COSO in
1992. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2013, 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