Bausch & Lomb 1999 Annual Report

Report Of Management
The preceding financial statements of Bausch & Lomb Incorporated were prepared by the company’s management, which is responsible for
their reliability and objectivity. The statements have been prepared in conformity with generally accepted accounting principles and, as such,
include amounts based on informed estimates and judgments of management with consideration given to materiality. Financial information
elsewhere in this annual report is consistent with that in the financial statements.
Management is further responsible for maintaining a system of internal controls to provide reasonable assurance that Bausch & Lomb’s
books and records reflect the transactions of the company; that assets are safeguarded; and that management’s established policies and
procedures are followed. Management systematically reviews and modifies the system of internal controls to improve its effectiveness.
The internal control system is augmented by the communication of accounting and business policies throughout the company; the careful
selection, training and development of qualified personnel; the delegation of authority and establishment of responsibilities; and a comprehensive
program of internal audit.
Independent accountants are engaged to audit the financial statements of the company and issue a report thereon. They have informed
management and the audit committee of the board of directors that their audits were conducted in accordance with generally accepted
auditing standards, which require a review and evaluation of internal controls to determine the nature, timing and extent of audit testing.
The recommendations of the internal auditors and independent accountants are reviewed by management. Control procedures have
been implemented or revised as appropriate to respond to these recommendations. In management’s opinion, as of December 25, 1999, the
internal control system was functioning effectively and accomplished the objectives discussed herein.
William M. Carpenter Stephen C. McCluski
Chairman and Chief Executive Officer Senior Vice President and Chief Financial Officer
Report Of The Audit Committee
The audit committee of the board of directors, which held three meetings during 1999, is composed of five outside directors. The chair of
the committee is Alvin W. Trivelpiece, Ph.D. The other members are Franklin E. Agnew, Domenico De Sole, Ruth R. McMullin and Linda
Johnson Rice.
The audit committee meets with the independent accountants, management and the internal auditors to provide reasonable assurance
that management fulfills its responsibilities in the preparation of the financial statements and in the maintenance of an effective system of
internal controls. The audit committee reviews the performance and fees of the independent accountants, recommends their appointment
and meets with them and the internal auditors, with and without management present, to discuss the scope and results of their audit work.
Both the independent accountants and the internal auditors have full access to the audit committee.
Alvin W. Trivelpiece, Ph.D.
Chair, Audit Committee
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