Union Pacific 2001 Annual Report Download - page 57

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31
MANAGEMENT REPORT ON RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements, which consolidate the accounts of Union Pacific Corporation and
its Subsidiary Companies (the Corporation), have been prepared in conformity with accounting principles generally
accepted in the United States of America.
The integrity and objectivity of data in these consolidated financial statements and accompanying notes, including
estimates and judgments related to matters not concluded by year end, are the responsibility of management as is all other
information in this report. Management devotes ongoing attention to review and appraisal of its system of internal
controls. This system is designed to provide reasonable assurance, at an appropriate cost, that the Corporation’s assets
are protected, that transactions and events are recorded properly and that financial reports are reliable. The system is
augmented by a staff of internal auditors; careful attention to selection and development of qualified financial personnel;
programs to further timely communication and monitoring of policies, standards and delegated authorities; and
evaluation by independent auditors during their audits of the annual consolidated financial statements.
The Audit Committee of the Corporation’s Board of Directors, composed entirely of outside directors, as identified
below, meets regularly with financial management, the corporate auditors and the independent auditors to review the
work of each. The independent auditors and corporate auditors have free access to the Audit Committee, without
management representatives present, to discuss the results of their audits and their comments on the adequacy of internal
controls and the quality of financial reporting.
Chairman, President, Chief Executive Officer and Director
Executive Vice President–Finance
Vice President and Controller
The Corporation's Audit Committee is comprised of the following Directors:
Judith Richards Hope, Chair
Thomas J. Donohue
Spencer F. Eccles
Steven R. Rogel
Richard D. Simmons