Energizer 2002 Annual Report Download - page 22

Responsibility for Financial Statements
The preparation and integrity of the financial statements of Energizer
Holdings, Inc. are the responsibility of its management. These state-
ments have been prepared in conformance with generally accepted
accounting principles in the United States of America, and in the
opinion of management, fairly present Energizer’s financial position,
results of operations and cash flows.
Energizer maintains accounting and internal control systems, which it
believes are adequate to provide reasonable assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
the financial records are reliable for preparing financial statements. The
selection and training of qualified personnel, the establishment and com-
munication of accounting and administrative policies and procedures, and
an extensive program of internal audits are important elements of these
control systems.
The report of PricewaterhouseCoopers LLP, independent accountants, on
their audits of the accompanying financial statements is shown below. This
report states that the audits were made in accordance with generally
accepted auditing standards in the United States of America. These stan-
dards include a study and evaluation of internal control for the purpose of
establishing a basis for reliance thereon relative to the scope of their
audits of the financial statements.
The Board of Directors, through its Audit Committee consisting solely of
nonmanagement directors, meets periodically with management, internal
audit and the independent accountants to discuss audit and financial
reporting matters. To assure independence, PricewaterhouseCoopers LLP
has direct access to the Audit Committee.
Report of Independent Accountants
To the Shareholders and Board of Directors of Energizer Holdings, Inc.
In our opinion, the accompanying consolidated balance sheets and the
related consolidated statements of earnings and comprehensive income,
of cash flows and of shareholders equity present fairly, in all material
respects, the financial position of Energizer Holdings, Inc. and its sub-
sidiaries at September 30, 2002 and 2001, and the results of their opera-
tions and their cash flows for each of the three years in the period ended
September 30, 2002, in conformity with accounting principles generally
accepted in the United States of America. These financial statements are
the responsibility of Energizer’s management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing
standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage-
ment, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
St. Louis, Missouri
October 28, 2002
ENR 2002 Annual Report Page 20