Energizer 2007 Annual Report Download - page 22

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Energizer Holdings, Inc. 2007 Annual Report
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 assur-
ance that assets are safeguarded against loss from unauthorized use
or disposition and that the financial records are reliable for prepar-
ing financial statements. The selection and training of qualified per-
sonnel, 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 regis-
tered 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 non-management directors, meets periodically with manage-
ment, 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 the Company 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 preparation 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 pre-
vention 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 financial reporting,
because of its inherent limitations, may not prevent or detect mis-
statements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become
inadequate 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, manage-
ment has concluded that internal control over financial reporting as
of September 30, 2007 was effective. The Company’s internal control
over financial reporting as of September 30, 2007 has been audited
by PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in their report that appears herein.