Emerson 2009 Annual Report Download - page 12

Emerson 200910
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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, 2009 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
reect 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 safeguarded
and transactions are executed in accordance with
management’s authorization and recorded properly
to permit the preparation of nancial statements in
accordance with U.S. generally accepted accounting
principles. The design of this system recognizes that
errors or irregularities may occur and that estimates
and judgments are required to assess the relative cost
and expected benets of the controls. Management
believes that the Company’s internal 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
Company’s internal auditors periodically to review the
work of each and to monitor the discharge by each of its
responsibilities. The Audit Committee also meets periodi-
cally 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 sufcient to provide
reasonable assurance that the nancial statements
contain no material errors and that the Company’s
internal controls are effective.
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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 Ofcer and the Chief Financial
Ofcer, 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, 2009.
The Company’s auditor, KPMG LLP, an independent regis-
tered 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
Vice Chairman
and Chief Financial Ofcer
David N. Farr
Chairman of the Board,
Chief Executive Ofcer,
and President