Hormel Foods Corporation has developed a system of internal controls designed to assure that the records reflect the transactions of
the company and that the established policies and procedures are
adhered to. This system is augmented by well-communicated written policies and procedures, a strong program of internal audit and well-qualified personnel.
These financial statements have been audited by Ernst & Young
LLP, independent auditors, and their report appears on page 32.
Their audit is conducted in accordance with generally accepted
auditing standards and includes a review of the company's accounting and financial controls and tests of transactions.
The Audit Committee of the Board of Directors, composed solely of
outside directors, meets periodically with the independent auditors,
management and the internal auditors to assure that each is carrying
out its responsibilities. Both Ernst & Young LLP and our
internal auditors have full and free access to the Audit Committee, with
or without the presence of management, to discuss the results of
their audit work and their opinions on the adequacy of internal controls and the quality of financial reporting.
Joel W. Johnson
Chairman of the Board
President and Chief Executive Officer
Michael J. McCoy
Senior Vice President
Chief Financial Officer