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Newell Rubbermaid Inc. 2008 Annual Report
37
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 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, 2008. 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.
The Company completed its acquisitions of Technical Concepts and Aprica effective April 1, 2008. As permitted by the Securities and Exchange
Commission, management’s assessment did not include the internal control of the acquired operations of Technical Concepts and Aprica, which are
included in the Company’s consolidated financial statements as of December 31, 2008 and for the period April 1, 2008 through December 31, 2008. The
assets of Technical Concepts and Aprica, excluding goodwill, constituted approximately 2.2% and 2.4%, respectively, of the Company’s total assets as of
December 31, 2008, and Technical Concepts and Aprica net sales represented approximately 1.7% and 1.5%, respectively, of the Company’s net sales for
the year ended December 31, 2008.
Based on the results of its evaluation, which excluded an assessment of the internal control of the acquired operations of Technical Concepts and
Aprica, the Company’s management concluded that, as of December 31, 2008, 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
March 2, 2009