Graco 2005 Annual Report Download - page 35

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MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS
AND INTERNAL CONTROL OVER FINANCIAL REPORTING
The management of Newell Rubbermaid Inc. is responsible for the accuracy and internal consistency
of the preparation of the consolidated Ñnancial statements and footnotes contained in this annual report.
The Company's management is also responsible for establishing and maintaining adequate internal
control over Ñnancial reporting. Newell Rubbermaid Inc. operates under a system of internal accounting
controls designed to provide reasonable assurance regarding the reliability of Ñnancial reporting and the
preparation of published Ñnancial statements in accordance with generally accepted accounting principles.
The internal accounting control system is evaluated for eÅectiveness by management and is tested,
monitored and revised as necessary. All internal control systems, no matter how well designed, have
inherent limitations. Therefore, even those systems determined to be eÅective can provide only reasonable
assurance with respect to Ñnancial statement preparation and presentation.
The Company's management assessed the eÅectiveness of the Company's internal control over
Ñnancial reporting as of December 31, 2005. In making its assessment, the Company's management used
the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) in Internal Control Ì Integrated Framework. Based on the results of its evaluation, the
Company's management concluded that, as of December 31, 2005, the Company's internal control over
Ñnancial reporting is eÅective based on those criteria.
The Company's independent auditors, Ernst & Young LLP, have audited the Ñnancial statements
prepared by the management of Newell Rubbermaid Inc. and management's assessment of internal control
over Ñnancial reporting. Their reports on these Ñnancial statements, and on management's assessment of
internal control over Ñnancial reporting, are presented below.
NEWELL RUBBERMAID INC.
Atlanta, Georgia
February 10, 2006
34