Energizer 2007 Annual Report Download - page 23

21
Energizer Holdings, Inc. 2007 Annual Report
Report of Independent Registered
Public Accounting Firm
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 subsidiaries at September 30, 2007 and 2006 and the results of
their operations and their cash flows for each of the three years in
the period ended September 30, 2007 in conformity with accounting
principles generally accepted in the United States of America. Also in
our opinion, the Company maintained, in all material respects, effec-
tive internal control over financial reporting as of September 30,
2007, based on criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). The Company’s management is
responsible for these financial statements, for maintaining effective
internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting, included in
the accompanying Management’s Report on Internal Control over
Financial Reporting. Our responsibility is to express opinions on
these financial statements and on the Company’s internal control
over financial reporting based on our integrated audits. We con-
ducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those stan-
dards require that we plan and perform the audits to obtain reason-
able assurance about whether the financial statements are free of
material misstatement and whether effective internal control over
financial reporting was maintained in all material respects. Our
audits of the financial statements included 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. Our audit of internal control over financial
reporting included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effective-
ness of internal control based on the assessed risk. Our audits also
included performing such other procedures as we considered neces-
sary in the circumstances. We believe that our audits provide a rea-
sonable basis for our opinions.
As discussed in Note 8 to the consolidated financial statements,
the Company adopted Statement of Financial Accounting Standard
No. 158, Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans – an Amendment to FASB Statements No. 87, 88, 106,
and 132(R), as of September 30, 2007.
A 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 for
external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting
includes those policies and procedures that (i) pertain to the mainte-
nance 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 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.
Because of its inherent limitations, internal control over financial
reporting 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 inadequate because of changes in con-
ditions, or that the degree of compliance with the policies or proce-
dures may deteriorate.
PricewaterhouseCoopers LLP
St. Louis, Missouri
November 29, 2007