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฀ 31
Manpower฀2006฀Annual฀Report
We฀are฀responsible฀for฀establishing฀and฀maintaining฀effective฀internal฀control฀over฀financial฀reporting฀as฀defined฀in฀Rules฀฀
13a-15(f)฀under฀the฀Securities฀Exchange฀Act฀of฀1934.฀Our฀internal฀control฀over฀financial฀reporting฀is฀a฀process฀designed฀to฀฀
provide฀reasonable฀assurance฀to฀management฀and฀the฀Board฀of฀Directors฀regarding฀the฀reliability฀of฀financial฀reporting฀and฀the฀
preparation฀of฀financial฀statements฀for฀external฀purposes฀in฀accordance฀with฀generally฀accepted฀accounting฀principles.
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฀conditions,฀or฀that฀the฀degree฀of฀compliance฀with฀the฀policies฀or฀procedures฀may฀deteriorate.
Under฀the฀supervision฀and฀with฀the฀participation฀of฀management,฀including฀our฀Chairman฀and฀Chief฀Executive฀Officer฀and฀our฀
Executive฀Vice฀President฀and฀Chief฀Financial฀Officer,฀we฀conducted฀an฀evaluation฀of฀the฀effectiveness฀of฀our฀internal฀control฀over฀
financial฀reporting฀based฀on฀the฀framework฀in฀Internal฀Control฀–฀Integrated฀Framework฀issued฀by฀the฀Committee฀of฀Sponsoring฀
Organizations฀of฀the฀Treadway฀Commission.฀This฀evaluation฀included฀review฀of฀the฀documentation฀of฀controls,฀evaluation฀of฀the฀
design฀effectiveness฀of฀controls,฀testing฀of฀the฀operating฀effectiveness฀of฀controls฀and฀a฀conclusion฀on฀this฀evaluation.฀Based฀on฀
our฀evaluation฀we฀have฀concluded฀that฀our฀internal฀control฀over฀financial฀reporting฀was฀effective฀as฀of฀December฀31,฀2006.
Our฀assessment฀of฀the฀effectiveness฀of฀our฀internal฀control฀over฀financial฀reporting฀as฀of฀December฀31,฀2006฀has฀been฀audited฀
by฀Deloitte฀&฀Touche฀LLP,฀an฀independent฀registered฀public฀accounting฀firm,฀as฀stated฀in฀their฀report฀which฀is฀included฀herein.
February฀20,฀2007
REP ORT ฀OF ฀I NDEPE NDENT฀R EGIST ERED฀PU BLIC฀AC COUNT ING฀FIR M
TO฀THE฀BOARD฀OF฀DIRECTORS฀AND฀SHAREHOLDERS฀OF฀MANPOWER฀INC.:
We฀have฀audited฀the฀accompanying฀consolidated฀balance฀sheets฀of฀Manpower฀Inc.฀and฀its฀subsidiaries฀(the฀“Company”)฀as฀of฀
December฀31,฀2006฀and฀2005฀and฀the฀related฀consolidated฀statements฀of฀operations,฀shareholders’฀equity,฀and฀cash฀flows฀for฀
the฀years฀then฀ended.฀These฀financial฀statements฀are฀the฀responsibility฀of฀the฀Company’s฀management.฀Our฀responsibility฀is฀to฀
express฀an฀opinion฀on฀these฀financial฀statements฀based฀on฀our฀audits.
We฀conducted฀our฀audits฀in฀accordance฀with฀the฀standards฀of฀the฀Public฀Company฀Accounting฀Oversight฀Board฀(United฀
States).฀Those฀standards฀require฀that฀we฀plan฀and฀perform฀the฀audit฀to฀obtain฀reasonable฀assurance฀about฀whether฀the฀financial฀
statements฀are฀free฀of฀material฀misstatement.฀An฀audit฀includes฀examining,฀on฀a฀test฀basis,฀evidence฀supporting฀the฀amounts฀
and฀disclosures฀in฀the฀financial฀statements.฀An฀audit฀also฀includes฀assessing฀the฀accounting฀principles฀used฀and฀significant฀฀
estimates฀made฀by฀management,฀as฀well฀as฀evaluating฀the฀overall฀financial฀statement฀presentation.฀We฀believe฀that฀our฀audits฀
provide฀a฀reasonable฀basis฀for฀our฀opinion.
In฀our฀opinion,฀such฀financial฀statements฀present฀fairly,฀in฀all฀material฀respects,฀the฀financial฀position฀of฀the฀Company฀as฀of฀
December฀31,฀2006฀and฀2005,฀and฀the฀results฀of฀its฀operations฀and฀its฀cash฀flows฀for฀the฀years฀then฀ended฀in฀conformity฀with฀
accounting฀principles฀generally฀accepted฀in฀the฀United฀States฀of฀America.
As฀described฀in฀Note฀3฀to฀the฀consolidated฀financial฀statements,฀on฀January฀1,฀2006,฀the฀Company฀adopted฀Statement฀of฀
Financial฀Accounting฀Standards฀No.฀123(R),฀Share-Based฀Payments.
We฀have฀also฀audited,฀in฀accordance฀with฀the฀standards฀of฀the฀Public฀Company฀Accounting฀Oversight฀Board฀(United฀States),฀
the฀effectiveness฀of฀the฀Company’s฀internal฀control฀over฀financial฀reporting฀as฀of฀December฀31,฀2006,฀based฀on฀the฀criteria฀฀
established฀in฀Internal฀Control–Integrated฀Framework฀issued฀by฀the฀Committee฀of฀Sponsoring฀Organizations฀of฀the฀Treadway฀
Commission฀and฀our฀report฀dated฀February฀20,฀2007฀expressed฀an฀unqualified฀opinion฀on฀management’s฀assessment฀of฀the฀
effectiveness฀of฀the฀Company’s฀internal฀control฀over฀financial฀reporting฀and฀an฀unqualified฀opinion฀on฀the฀effectiveness฀of฀the฀
Company’s฀internal฀control฀over฀financial฀reporting.
Deloitte฀&฀Touche฀LLP฀
Milwaukee,฀Wisconsin฀
February฀20,฀2007
MAN AGEME NT฀REPO RT฀ON฀IN TERNA L฀CONTR OL฀฀
OVE R฀FINAN CIAL฀REPORTING
Management฀Report฀on฀Internal฀Control฀Over฀Financial฀Reporting฀