Union Pacific 2007 Annual Report Download - page 83

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79
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The management of Union Pacific Corporation and Subsidiary Companies (the Corporation) is responsible
for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)). The Corporation’s internal control system was designed to provide
reasonable assurance to the Corporation’s management and Board of Directors regarding the preparation and
fair presentation of published financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement
preparation and presentation.
The Corporation’s management assessed the effectiveness of the Corporation’s internal control over financial
reporting as of December 31, 2007. In making this assessment, it used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated
Framework. Based on our assessment management believes that, as of December 31, 2007, the Corporation’s
internal control over financial reporting is effective based on those criteria.
The Company’s independent registered public accounting firm has issued an attestation report on the
effectiveness of the Company’s internal control over financial reporting. This report appears on page 80.
February 14, 2008