Energizer 2006 Annual Report Download - page 22

20 ENR 2006 ANNUAL REPORT
ENERGIZER HOLDINGS, INC.
Responsibility for Financial Statements
The preparation and integrity of the financial statements of Energizer
Holdings, Inc. (the Company) are the responsibility of its management.
These statements have been prepared in conformance with generally
accepted accounting principles in the United States of America, and
in the opinion of management, fairly present the Company’s financial
position, results of operations and cash flows.
The Company 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 disposi-
tion 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 registered
public accounting firm, on their audits of the accompanying financial
statements is shown below. This report states that the audits
were made in accordance with the standards of the Public Company
Accounting Oversight Board (United States). 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 financial
reporting matters. To assure independence, PricewaterhouseCoopers
LLP has direct access to the Audit Committee.
Management’s Report on Internal Control over
Financial Reporting
The management of Energizer is responsible for establishing and
maintaining internal control over financial reporting. The Company’s
internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements in accordance with generally
accepted accounting principles for external purposes. The Company’s
internal control over financial reporting includes those policies and
procedures that: (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit prepa-
ration of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with authorizations of
management and directors of the Company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the Company’s assets that could
have a material effect on the financial statements. Internal control over
reporting, because of its inherent limitations, may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadquate
because of change in conditions, or that the degree of compliance with
the policies or procedures may deteriorate. Management conducted
an assessment of the effectiveness of the Company’s internal control
over financial reporting based on the framework set forth in Internal
Control – Integrated Framework, issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on the
Company’s assessment, management has concluded that internal con-
trol over financial reporting as of September 30, 2006 was effective.
Our management’s assessment of the effectiveness of the Company’s
internal control over financial reporting as of September 30, 2006
has been audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, as stated in their report which
appears herein.