Real-World Case Evaluating management’s responsibilitiesThe following excerpt was taken fr...

Real-World Case Evaluating management’s responsibilities

The following excerpt was taken from JCPenney’s 10-K report for its 2008 fiscal year.

Management’s Report on Internal Control over Financial Reporting

The management of our Company is responsible for establishing and maintaining adequate internal control over financial reporting.

The management of our Company has assessed the effectiveness of our Company’s internal control over financial reporting as of January 31. 2009. In making this assessment, management used criteria set forth by the Committee of Sponsoring Organization of the Treadway Commission (COSO) in Internal Control—Integrated Framework. Based on its assessment, the management of our Company believes that, as of January 31, 2009, our Company’s internal control over financial reporting is effective based on those criteria.

kPMG LLP. the registered public accounting firm that audited the financial statements included in this Annual Report on Form 10-K. has issued an attestation report on the effectiveness of our Company’s internal control over financial reporting. This attestation report appears on page 42.

There were no changes in our Company’s internal control over financial reporting during the fourth quarter ended January 31, 2009, that have materially affected, or are reasonably likely to materially affect, our Company’s internal control over financial reporting.

Required

Based on information in the text, list some of the elements of internal control you would expect the company’s management to have established. You do not need to read the report of the Tread- way Commission.