Kimberly-Clark 2011 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2011 Kimberly-Clark annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
1RQH
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
$VRI'HFHPEHUDQHYDOXDWLRQZDVSHUIRUPHGXQGHUWKHVXSHUYLVLRQDQGZLWKWKHSDUWLFLSDWLRQRIRXUPDQDJHPHQW
LQFOXGLQJRXU&KLHI([HFXWLYH2IILFHUDQG&KLHI)LQDQFLDO2IILFHURIWKHHIIHFWLYHQHVVRIWKHGHVLJQDQGRSHUDWLRQRIRXUGLVFORVXUH
FRQWUROVDQGSURFHGXUHV%DVHGRQWKDWHYDOXDWLRQRXUPDQDJHPHQWLQFOXGLQJRXU&KLHI([HFXWLYH2IILFHUDQG&KLHI)LQDQFLDO
2IILFHUFRQFOXGHGWKDWRXUGLVFORVXUHFRQWUROVDQGSURFHGXUHVZHUHHIIHFWLYHDVRI'HFHPEHU
Internal Control Over Financial Reporting
Management’s Report on the Financial Statements
2XU PDQDJHPHQW LV UHVSRQVLEOH IRU DOO DVSHFWV RI WKH EXVLQHVV LQFOXGLQJ WKH SUHSDUDWLRQ RI WKH FRQVROLGDWHG ILQDQFLDO
VWDWHPHQWVLQWKLVDQQXDOUHSRUW7KHFRQVROLGDWHGILQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGXVLQJJHQHUDOO\DFFHSWHGDFFRXQWLQJ
SULQFLSOHVFRQVLGHUHGDSSURSULDWHLQWKHFLUFXPVWDQFHVWRSUHVHQWIDLUO\RXUFRQVROLGDWHGILQDQFLDOSRVLWLRQUHVXOWVRIRSHUDWLRQV
DQGFDVKIORZVRQDFRQVLVWHQWEDVLV0DQDJHPHQWDOVRKDVSUHSDUHGWKHRWKHULQIRUPDWLRQLQWKLVDQQXDOUHSRUWDQGLVUHVSRQVLEOH
IRULWVDFFXUDF\DQGFRQVLVWHQF\ZLWKWKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWV
6RPHILQDQFLDOVWDWHPHQWDPRXQWVDUHEDVHGRQHVWLPDWHVDQGMXGJPHQWVDQGPHDVXUHVKDYHEHHQWDNHQWRSURYLGHUHDVRQDEOH
DVVXUDQFHRIWKHLQWHJULW\DQGUHOLDELOLW\RIWKHILQDQFLDOLQIRUPDWLRQFRQWDLQHGLQWKLVDQQXDOUHSRUW7KHVHPHDVXUHVLQFOXGHDQ
HIIHFWLYHFRQWURORULHQWHGHQYLURQPHQWLQZKLFKWKHLQWHUQDODXGLWIXQFWLRQSOD\VDQLPSRUWDQWUROHDQGDQ$XGLW&RPPLWWHHRIWKH
%RDUGRI'LUHFWRUVWKDWRYHUVHHVWKHILQDQFLDOUHSRUWLQJSURFHVV7KHFRQVROLGDWHGILQDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHGE\WKH
LQGHSHQGHQWUHJLVWHUHGSXEOLFDFFRXQWLQJILUP'HORLWWH7RXFKH//3'XULQJLWVDXGLWV'HORLWWH7RXFKH//3ZDVJLYHQ
XQUHVWULFWHGDFFHVVWRDOOILQDQFLDOUHFRUGVLQFOXGLQJPLQXWHVRIDOOPHHWLQJVRIVWRFNKROGHUVDQGRXU%RDUGRI'LUHFWRUVDQGDOO
FRPPLWWHHVRIRXU%RDUG0DQDJHPHQWEHOLHYHVWKDWDOOUHSUHVHQWDWLRQVPDGHWRWKHLQGHSHQGHQWUHJLVWHUHGSXEOLFDFFRXQWDQWV
GXULQJWKHLUDXGLWVZHUHYDOLGDQGDSSURSULDWH
Audit Committee Oversight and Our Code of Conduct
7KH$XGLW&RPPLWWHHRIRXU%RDUGRI'LUHFWRUVZKLFKLVFRPSRVHGVROHO\RILQGHSHQGHQWGLUHFWRUVDVVLVWVRXU%RDUGLQ
IXOILOOLQJLWVUHVSRQVLELOLW\IRURYHUVLJKWRIWKHTXDOLW\DQGLQWHJULW\RIRXUDFFRXQWLQJDXGLWLQJDQGILQDQFLDOUHSRUWLQJSUDFWLFHV
WKHDXGLWVRIRXUFRQVROLGDWHGILQDQFLDOVWDWHPHQWVDQGLQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJ7KH$XGLW&RPPLWWHHUHYLHZV
ZLWKWKHDXGLWRUVDQ\UHODWLRQVKLSVWKDWPD\DIIHFWWKHLUREMHFWLYLW\DQGLQGHSHQGHQFH7KH$XGLW&RPPLWWHHDOVRUHYLHZVZLWK
PDQDJHPHQWWKHLQWHUQDODXGLWRUVDQGWKHLQGHSHQGHQWUHJLVWHUHGSXEOLFDFFRXQWLQJILUPWKHTXDOLW\DQGDGHTXDF\RIRXULQWHUQDO
FRQWURORYHUILQDQFLDOUHSRUWLQJLQFOXGLQJFRPSOLDQFHPDWWHUVUHODWHGWRRXUFRGHRIFRQGXFWDQGWKHUHVXOWVRILQWHUQDODQGH[WHUQDO
DXGLWV7KH$XGLW&RPPLWWHHKDVUHYLHZHGDQGUHFRPPHQGHGWKDWWKHDXGLWHGFRQVROLGDWHGILQDQFLDOVWDWHPHQWVLQFOXGHGLQWKLV
UHSRUWEHLQFOXGHGLQWKH)RUP.IRUILOLQJZLWKWKH6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ
2XUFRGHRIFRQGXFWDPRQJRWKHUWKLQJVFRQWDLQVSROLFLHVIRUFRQGXFWLQJEXVLQHVVDIIDLUVLQDODZIXODQGHWKLFDOPDQQHU
HYHU\ZKHUHZHGREXVLQHVV IRU DYRLGLQJ SRWHQWLDO FRQIOLFWV RI LQWHUHVW DQG IRU SUHVHUYLQJFRQILGHQWLDOLW\RILQIRUPDWLRQDQG
EXVLQHVVLGHDV,QWHUQDOFRQWUROVKDYHEHHQLPSOHPHQWHGWRSURYLGHUHDVRQDEOHDVVXUDQFHWKDWWKHFRGHRIFRQGXFWLVIROORZHG
Management’s Report on Internal Control Over Financial Reporting
0DQDJHPHQWLVUHVSRQVLEOHIRUHVWDEOLVKLQJDQGPDLQWDLQLQJDQDGHTXDWHV\VWHPRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJ
LQFOXGLQJVDIHJXDUGLQJRIDVVHWVDJDLQVWXQDXWKRUL]HGDFTXLVLWLRQXVHRUGLVSRVLWLRQ7KLVV\VWHPLVGHVLJQHGWRSURYLGHUHDVRQDEOH
DVVXUDQFH WR PDQDJHPHQW DQG RXU %RDUG RI 'LUHFWRUV UHJDUGLQJ SUHSDUDWLRQ RI UHOLDEOH SXEOLVKHG ILQDQFLDO VWDWHPHQWV DQG
VDIHJXDUGLQJRIRXUDVVHWV7KLVV\VWHPLVVXSSRUWHGZLWKZULWWHQSROLFLHVDQGSURFHGXUHVFRQWDLQVVHOIPRQLWRULQJPHFKDQLVPV
DQGLVDXGLWHGE\WKHLQWHUQDODXGLWIXQFWLRQ$SSURSULDWHDFWLRQVDUHWDNHQE\PDQDJHPHQWWRFRUUHFWGHILFLHQFLHVDVWKH\DUH
LGHQWLILHG$OOLQWHUQDOFRQWUROV\VWHPVKDYHLQKHUHQWOLPLWDWLRQVLQFOXGLQJWKHSRVVLELOLW\RIFLUFXPYHQWLRQDQGRYHUULGLQJRI
FRQWUROVDQGWKHUHIRUHFDQSURYLGHRQO\UHDVRQDEOHDVVXUDQFHDVWRWKHUHOLDELOLW\RIILQDQFLDOVWDWHPHQWSUHSDUDWLRQDQGVXFK
PART II
&RQWLQXHG