These financial statements are prepared in conformity with generally accepted accounting principles, using informed judgments and estimates where appropriate. The Company maintains a system of interned accounting policies, procedures, and controls designed to provide reasonable assurance that assets are safe- guarded and transactions are executed and recorded in accordance with management's authorization. The internal accounting control system is augmented by a program of internal audits and reviews by management, written policies and guidelines, and the careful selection and training of qualified personnel.
Management believes it maintains an effective system of internal accounting controls.
The Audit Committee of the Board of Directors, composed solely of outside directors, is responsible for monitoring the Company's accounting and reporting practices. The Audit Committee meets regularly with management, the internal auditors, and the independent public accountants to review the work of each and to assure that each performs its responsibilities. The independent public accountants, Arthur Andersen LLP, are recommended by the Audit Committee of the Board of Directors, selected by the Board of Directors, and ratified by the Company's shareholders. Both the internal auditors and Arthur Andersen LLP have unrestricted access to the audit committee allowing open discussion, Without management present, on the quality of financial reporting and the adequacy of internal accounting controls. These financial statements are the responsibility of the Company's management.