Energizer 2003 Annual Report Download - page 23

ENR 2003 ANNUAL REPORT Page 21
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 opin-
ion 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 communication 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 auditors, on
their audits of the accompanying financial statements is shown below.
This report states that the audits were made in accordance with gener-
ally accepted auditing standards in the United States of America. These
standards 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 auditors to discuss audit and finan-
cial reporting matters. To assure independence, PricewaterhouseCoopers
LLP has direct access to the Audit Committee.
REPORT OF INDEPENDENT AUDITORS
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, 2003 and 2002, and the results of their
operations and their cash flows for each of the three years in the period
ended September 30, 2003, 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 management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
As discussed in Note 2 to the consolidated financial statements, in
2002 the Company changed its method of accounting for goodwill and
indefinite lived intangible assets to conform with Statement of Financial
Accounting Standards No. 142.
PricewaterhouseCoopers LLP
St. Louis, Missouri
November 11, 2003