Emerson 2008 Annual Report Download - page 23
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Please find page 23 of the 2008 Emerson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.[ 16 ] Emerson 2008
The Company’s management is responsible for the
integrity and accuracy of the nancial statements.
Management believes that the nancial statements for
the three years ended September 30, 2008, have been
prepared in conformity with U.S. generally accepted
accounting principles appropriate in the circumstances. In
preparing the nancial statements, management makes
informed judgments and estimates where necessary to
reect the expected effects of events and transactions
that have not been completed. The Company’s disclosure
controls and procedures ensure that material information
required to be disclosed is recorded, processed, summa-
rized and communicated to management and reported
within the required time periods.
In meeting its responsibility for the reliability of the
nancial statements, management relies on a system
of internal accounting control. This system is designed
to provide reasonable assurance that assets are safe-
guarded and transactions are executed in accordance
with management’s authorization and recorded properly
to permit the preparation of nancial statements in accor-
dance with U.S. generally accepted accounting principles.
The design of this system recognizes that errors or irregu-
larities may occur and that estimates and judgments are
required to assess the relative cost and expected benets
of the controls. Management believes that the Compa-
ny’s accounting controls provide reasonable assurance
that errors or irregularities that could be material to the
nancial statements are prevented or would be detected
within a timely period.
The Audit Committee of the Board of Directors, which is
composed solely of independent Directors, is responsible
for overseeing the Company’s nancial reporting process.
The Audit Committee meets with management and the
internal auditors periodically to review the work of each
and to monitor the discharge by each of its responsibili-
ties. The Audit Committee also meets periodically with
the independent auditors who have free access to the
Audit Committee and the Board of Directors to discuss
the quality and acceptability of the Company’s nancial
reporting, internal controls, as well as non-audit-
related services.
The independent auditors are engaged to express
an opinion on the Company’s consolidated nancial
statements and on the Company’s internal control
over nancial reporting. Their opinions are based on
procedures that they believe to be sufcient to provide
reasonable assurance that the nancial statements
contain no material errors and that the Company’s
internal controls are effective.
The Company’s management is responsible for estab-
lishing and maintaining adequate internal control over
nancial reporting for the Company. With the participa-
tion of the Chief Executive Ofcer and the Chief Financial
Ofcer, management conducted an evaluation of the
effectiveness of internal control over nancial reporting
based on the framework and the criteria established in
Internal Control – Integrated Framework, issued by the
Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management has
concluded that internal control over nancial reporting
was effective as of September 30, 2008.
The Company’s auditor, KPMG LLP, an independent
registered public accounting rm, has issued an audit
report on the effectiveness of the Company’s internal
control over nancial reporting.
FINANCIAL REVIEW
Walter J. Galvin
Senior Executive Vice President
and Chief Financial Ofcer
David N. Farr
Chairman of the Board,
Chief Executive Ofcer,
and President