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LLY » Topics » Managements Report on Internal Control Over Financial Reporting - Eli Lilly and Company and SubsidiariesThese excerpts taken from the LLY 10-K filed Feb 27, 2009. Management’s
Report on Internal Control Over Financial Reporting —
Eli Lilly and Company and Subsidiaries
Management of Eli Lilly and Company and subsidiaries is
responsible for establishing and maintaining adequate internal
control over financial reporting as defined in
Rules 13a-15(f)
and
15d-15(f)
under the Securities Exchange Act of 1934. We have global
financial policies that govern critical areas, including
internal controls, financial accounting and reporting, fiduciary
accountability, and safeguarding of corporate assets. Our
internal accounting control systems are designed to provide
reasonable assurance that assets are safeguarded, that
transactions are executed in accordance with management’s
authorization and are properly recorded, and that accounting
records are adequate for preparation of financial statements and
other financial information. A staff of internal auditors
regularly monitors, on a worldwide basis, the adequacy and
effectiveness of internal accounting controls. The general
auditor reports directly to the audit committee of the board of
directors.
We conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in
Internal Control — Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on our evaluation under this framework, we
concluded that our internal control over financial reporting was
effective as of December 31, 2008. However, 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 internal control over financial reporting has been assessed
by Ernst & Young LLP. Their responsibility is to
evaluate whether internal control over financial reporting was
designed and operating effectively.
February 16, 2009
Management’s Report on Internal Control Over Financial Reporting — Eli Lilly and Company and Subsidiaries Management of Eli Lilly and Company and subsidiaries is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. We have global financial policies that govern critical areas, including internal controls, financial accounting and reporting, fiduciary accountability, and safeguarding of corporate assets. Our internal accounting control systems are designed to provide reasonable assurance that assets are safeguarded, that transactions are executed in accordance with management’s authorization and are properly recorded, and that accounting records are adequate for preparation of financial statements and other financial information. A staff of internal auditors regularly monitors, on a worldwide basis, the adequacy and effectiveness of internal accounting controls. The general auditor reports directly to the audit committee of the board of directors. We conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under this framework, we concluded that our internal control over financial reporting was effective as of December 31, 2008. However, 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 internal control over financial reporting has been assessed by Ernst & Young LLP. Their responsibility is to evaluate whether internal control over financial reporting was designed and operating effectively.
February 16, 2009
These excerpts taken from the LLY 10-K filed Oct 21, 2008. Management’s
Report on Internal Control Over Financial Reporting —
Eli Lilly and Company and Subsidiaries
Management of Eli Lilly and Company and subsidiaries is
responsible for establishing and maintaining adequate internal
control over financial reporting as defined in
Rules 13a-15(f)
and
15d-15(f)
under the Securities Exchange Act of 1934. We have global
financial policies that govern critical areas, including
internal controls, financial accounting and reporting, fiduciary
accountability, and safeguarding of corporate assets. Our
internal accounting control systems are designed to provide
reasonable assurance that assets are safeguarded, that
transactions are executed in accordance with management’s
authorization and are properly recorded, and that accounting
records are adequate for preparation of financial statements and
other financial information. A staff of internal auditors
regularly monitors, on a worldwide basis, the adequacy and
effectiveness of internal accounting controls. The general
auditor reports directly to the audit committee of the board of
directors.
We conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in
Internal Control — Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on our evaluation under this framework, we
concluded that our internal control over financial reporting
were effective as of December 31, 2007. However, 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 internal control over financial reporting has been assessed
by Ernst & Young LLP. Their responsibility is to
evaluate whether internal control over financial reporting was
designed and operating effectively.
February 8, 2008
Table of Contents
Management’s Report on Internal Control Over Financial Reporting — Eli Lilly and Company and Subsidiaries Management of Eli Lilly and Company and subsidiaries is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. We have global financial policies that govern critical areas, including internal controls, financial accounting and reporting, fiduciary accountability, and safeguarding of corporate assets. Our internal accounting control systems are designed to provide reasonable assurance that assets are safeguarded, that transactions are executed in accordance with management’s authorization and are properly recorded, and that accounting records are adequate for preparation of financial statements and other financial information. A staff of internal auditors regularly monitors, on a worldwide basis, the adequacy and effectiveness of internal accounting controls. The general auditor reports directly to the audit committee of the board of directors. We conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under this framework, we concluded that our internal control over financial reporting were effective as of December 31, 2007. However, 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 internal control over financial reporting has been assessed by Ernst & Young LLP. Their responsibility is to evaluate whether internal control over financial reporting was designed and operating effectively.
February 8, 2008
Table of ContentsThese excerpts taken from the LLY 10-K filed Feb 29, 2008. Management’s
Report on Internal Control Over Financial Reporting —
Eli Lilly and Company and Subsidiaries
Management of Eli Lilly and Company and subsidiaries is
responsible for establishing and maintaining adequate internal
control over financial reporting as defined in
Rules 13a-15(f)
and
15d-15(f)
under the Securities Exchange Act of 1934. We have global
financial policies that govern critical areas, including
internal controls, financial accounting and reporting, fiduciary
accountability, and safeguarding of corporate assets. Our
internal accounting control systems are designed to provide
reasonable assurance that assets are safeguarded, that
transactions are executed in accordance with management’s
authorization and are properly recorded, and that accounting
records are adequate for preparation of financial statements and
other financial information. A staff of internal auditors
regularly monitors, on a worldwide basis, the adequacy and
effectiveness of internal accounting controls. The general
auditor reports directly to the audit committee of the board of
directors.
We conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in
Internal Control — Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on our evaluation under this framework, we
concluded that our internal control over financial reporting
were effective as of December 31, 2007. However, 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 internal control over financial reporting has been assessed
by Ernst & Young LLP. Their responsibility is to
evaluate whether internal control over financial reporting was
designed and operating effectively.
February 8, 2008
Management’s Report on Internal Control Over Financial Reporting — Eli Lilly and Company and Subsidiaries Management of Eli Lilly and Company and subsidiaries is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. We have global financial policies that govern critical areas, including internal controls, financial accounting and reporting, fiduciary accountability, and safeguarding of corporate assets. Our internal accounting control systems are designed to provide reasonable assurance that assets are safeguarded, that transactions are executed in accordance with management’s authorization and are properly recorded, and that accounting records are adequate for preparation of financial statements and other financial information. A staff of internal auditors regularly monitors, on a worldwide basis, the adequacy and effectiveness of internal accounting controls. The general auditor reports directly to the audit committee of the board of directors. We conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under this framework, we concluded that our internal control over financial reporting were effective as of December 31, 2007. However, 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 internal control over financial reporting has been assessed by Ernst & Young LLP. Their responsibility is to evaluate whether internal control over financial reporting was designed and operating effectively.
February 8, 2008
This excerpt taken from the LLY 10-K filed Feb 28, 2007. Management’s
Report on Internal Control Over Financial Reporting —
Eli Lilly and Company and Subsidiaries
Management of Eli Lilly and Company and subsidiaries is
responsible for establishing and maintaining adequate internal
control over financial reporting as defined in
Rules 13a-15(f)
and
15d-15(f)
under the Securities Exchange Act of 1934. We have global
financial policies that govern critical areas, including
internal controls, financial accounting and reporting, fiduciary
accountability, and safeguarding of corporate assets. Our
internal accounting control systems are designed to provide
reasonable assurance that assets are safeguarded, that
transactions are executed in accordance with management’s
authorization and are properly recorded, and that accounting
records are adequate for preparation of financial statements and
other financial information. A staff of internal auditors
regularly monitors, on a worldwide basis, the adequacy and
effectiveness of internal accounting controls. The general
auditor reports directly to the audit committee of the board of
directors.
We conducted an evaluation of the effectiveness of our internal
control over financial reporting based on the framework in
Internal Control — Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway
Commission. Based on our evaluation under this framework, we
concluded that our internal controls over financial reporting
were effective as of December 31, 2006. However, 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 internal control over financial reporting has been assessed
by Ernst & Young LLP. Their responsibility is to
evaluate management’s assessment and evidence about whether
internal control over financial reporting was designed and
operating effectively. Ernst & Young’s report with
respect to the effectiveness of internal control over financial
reporting is included on page 55 of our annual report
(page 74 of Form 10-K).
February 9, 2007
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