This excerpt taken from the CPB 10-K filed Oct 1, 2008.
Managements Report on Internal Control Over Financial Reporting
The companys management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America.
The companys internal control over financial reporting includes those policies and procedures that:
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.
The companys management assessed the effectiveness of the companys internal control over financial reporting as of August 3, 2008. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control Integrated Framework. Based on this assessment using those criteria, management concluded that the companys internal control over financial reporting was effective as of August 3, 2008.
The effectiveness of the companys internal control over financial reporting as of August 3, 2008 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which appears herein.
/s/ Douglas R. Conant
Douglas R. Conant
President and Chief Executive Officer
/s/ Anthony P. DiSilvestro
Anthony P. DiSilvestro
Vice President Controller
(Principal Financial Officer and Principal
September 30, 2008