Graco 2007 Annual Report Download - page 40

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Newell Rubbermaid Inc. 2007 Annual Report
38
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS AND ANNUAL REPORT
ON 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 financial
statements and footnotes contained in this annual report.
The Company’s management is also responsible for establishing and maintaining adequate internal control over financial reporting. Newell Rubbermaid Inc.
operates under a system of internal accounting controls designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of published financial statements in accordance with generally accepted accounting principles. The internal accounting control system is
evaluated for effectiveness 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 effective can provide only reasonable assurance with respect to financial
statement preparation and presentation.
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2007. 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–Integrated Framework. Based on the results of its evaluation, the Company’s management concluded that, as of December 31, 2007, the
Company’s internal control over financial reporting is effective based on those criteria.
The Company’s independent registered public accounting firm, Ernst & Young LLP, have audited the financial statements prepared by the management
of Newell Rubbermaid Inc. and the effectiveness of Newell Rubbermaid Inc.’s internal control over financial reporting. Their reports on the financial statements
and on the effectiveness of Newell Rubbermaid Inc.’s internal control over financial reporting are presented below.
NEWELL RUBBERMAID INC.
Atlanta, Georgia
February 29, 2008