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Tenneco's internal accounting controls policy, which includes objectives, minimum requirements, and procedures to provide reasonable assurance of reliable financial reporting. The policy covers transaction authorization, recording, segregation of duties, asset safeguarding, and reconciliation. Annual reviews and monitoring compliance are essential.
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Exhibit 5 – Internal Accounting Controls Policy
Policy Number 15-
SUBJECT: INTERNAL ACCOUNTING CONTROLS
Application: Worldwide Strategic Business Units and Subsidiaries.
The Company maintains a system of internal controls sufficient to provide reasonable assurance regarding the reliability of financial reporting, ensuring the following objectives are met:
(a) Make and keep books, records, and accounts in reasonable detail to accurately and fairly reflect the transactions of Tenneco and the disposition of its assets.
(b) Permit preparation of financial statements in conformity with accounting principles generally accepted in the United States as well as any other criteria applicable to such statements such as local statutory regulations or other government regulations.
GENERAL
For purposes hereof, the concept of "reasonable assurance" is based on two factors:
Our system of financial reporting internal controls, at a minimum, provides for the following:
PROCEDURE
MONITORING COMPLIANCE