TAILIEUCHUNG - SOUTHERN COMPANY AND SUBSIDIARY COMPANIES 2001 ANNUAL REPORT

The frame is at the heart of ensuring comprehension because it provides basic information about financial sharing practices as a context for consumers to understand the details of their particular bank’s sharing practices. The key frame on page 1 provides a context for the consumer and gives key details. The secondary frame on page 2 also includes a series of frequently asked questions, more required information, and more detailed definitions of terms on page 1. The frame is necessary for understanding the disclosure. The Disclosure Table The disclosure table is at the heart of the prototype. It not only shows. | SOUTHERN COMPANY AND SUBSIDIARY COMPANIES 2001 ANNUAL REPORT MANAGEMENT S REPORT The management of Southern Company has prepared-and is responsible for-the consolidated financial statements and related information included in this report. These statements were prepared in accordance with accounting principles generally accepted in the United States and necessarily include amounts that are based on the best estimates and judgments of management. Financial information throughout this annual report is consistent with the financial statements. The company maintains a system of internal accounting controls to provide reasonable assurance that assets are safeguarded and that the accounting records reflect only authorized transactions of the company. Limitations exist in any system of internal controls however based on a recognition that the cost of the system should not exceed its benefits. The company believes its system of internal accounting controls maintains an appropriate cost benefit relationship. The company s system of internal accounting controls is evaluated on an ongoing basis by the company s internal audit staff. The company s independent public accountants also consider certain elements of the internal control system in order to determine their auditing procedures for the purpose of expressing an opinion on the financial statements. The audit committee of the board of directors composed of four independent directors provides a broad overview of management s financial reporting and control functions. Periodically this committee meets with management the internal auditors and the independent public accountants to ensure that these groups are fulfilling their obligations and to discuss auditing internal controls and financial reporting matters. The internal auditors and independent public accountants have access to the members of the audit committee at any time. Management believes that its policies and procedures provide reasonable assurance that the company

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