Johnson & Johnson - Index

Johnson & Johnson - report - Index

Management’s Report on Internal Control Over Financial Reporting
Under Section 404 of the Sarbanes-Oxley Act of 2002,
management is required to assess the effectiveness of the
Company’s internal control over financial reporting as of the end of
each fiscal year and report, based on that assessment, whether
the Company’s internal control over financial reporting is effective.
Management of the Company is responsible for establishing
and maintaining adequate internal control over financial
reporting. The Company’s internal control over financial reporting
is designed to provide reasonable assurance as to the reliability
of the Company’s financial reporting and the preparation of
financial statements in accordance with generally accepted
accounting principles.
Internal controls over financial reporting, no matter how well
designed, have inherent limitations. Therefore, internal control
over financial reporting determined to be effective can provide
only reasonable assurance with respect to financial statement
preparation and may not prevent or detect all misstatements.
Moreover, 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 Company’s management has assessed the effectiveness
of the Company’s internal control over financial reporting as
of December 30, 2007. In making this assessment, the Company
used the criteria established by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) in “Internal
Control-Integrated Framework.” These criteria are in the areas
of control environment, risk assessment, control activities,
information and communication, and monitoring. The Company’s
assessment included extensive documenting, evaluating
and testing the design and operating effectiveness of its internal
controls over financial reporting.
Based on the Company’s processes and assessment, as
described above, management has concluded that, as of December
30, 2007, the Company’s internal control over financial
reporting was effective.
The effectiveness of the Company’s internal control over
financial reporting as of December 30, 2007 has been audited by
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in their report which appears herein.
William C. Weldon Dominic J. Caruso
Chairman, Board of Vice President, Finance,
Directors, and Chief and Chief Financial Officer
Executive Officer
74 JOHNSON & JOHNSON 2007 ANNUAL REPORT