Starbucks 2000 Annual Report Download - page 33

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Management’s Responsibility for Financial Reporting
The management of Starbucks Corporation is responsible for the preparation and integrity of the financial
statements included in this Annual Report to Shareholders. The financial statements have been prepared in
conformity with accounting principles generally accepted in the United States of America and include
amounts based on management’s best judgment where necessary. Financial information included elsewhere
in this Annual Report is consistent with these financial statements.
Management maintains a system of internal controls and procedures designed to provide reasonable
assurance that transactions are executed in accordance with proper authorization, that transactions are
properly recorded in the Company’s records, that assets are safeguarded and that accountability for assets is
maintained. The concept of reasonable assurance is based on the recognition that the cost of maintaining
our system of internal accounting controls should not exceed benefits expected to be derived from the
system. Internal controls and procedures are periodically reviewed and revised, when appropriate, due to
changing circumstances and requirements.
Independent auditors are appointed by the Company’s Board of Directors and ratified by the Company’s
shareholders to audit the financial statements in accordance with auditing standards generally accepted
in the United States of America and to independently assess the fair presentation of the Company’s
financial position, results of operations and cash flows. Their report appears in this Annual Report.
The Audit Committee, all of whose members are outside directors, is responsible for monitoring the
Company’s accounting and reporting practices. The Audit Committee meets periodically with management
and the independent auditors to ensure that each is properly discharging its responsibilities. The
independent auditors have full and free access to the Committee without the presence of management
to discuss the results of their audits, the adequacy of internal accounting controls and the quality of
financial reporting.
Orin C. Smith Michael Casey
president and executive vice president,
chief executive officer chief financial officer and
chief administrative officer
starbucks coffee company P. 49