ManpowerGroup 2007 Annual Report Download - page 35

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Management’s Discussion & Analysis32 Manpower 2007 Annual Report
Management’s Discussion & Analysis
of financial condition and results of operations
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF MANPOWER INC.:
We have audited the accompanying consolidated balance sheets of Manpower Inc. and subsidiaries (the “Company”) as of
December 31, 2007 and 2006 and the related consolidated statements of operations, shareholders’ equity, and cash fl ows for
each of the three years in the period ended December 31, 2007. These fi nancial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these fi nancial 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 fi nancial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant
estimates made by management, as well as evaluating the overall fi nancial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such fi nancial statements present fairly, in all material respects, the fi nancial position of the Company as of
December 31, 2007 and 2006, and the results of its operations and its cash fl ows for each of the three years in the period ended
December 31, 2007, in conformity with accounting principles generally accepted in the United States of America.
As described in Note 3 to the consolidated fi nancial statements, on January 1, 2006, the Company adopted Statement of
Financial Accounting Standards No. 123(R), Share-Based Payment.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the Company’s internal control over fi nancial reporting as of December 31, 2007, 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 21, 2008 expressed an unqualifi ed opinion on the Company’s internal control over fi nancial reporting.
Deloitte & Touche LLP
Milwaukee, Wisconsin
February 21, 2008
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF MANPOWER INC.:
We have audited the internal control over fi nancial reporting of Manpower Inc. and subsidiaries (the “Company”) as of December
31, 2007, based on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (“COSO”). The Company’s management is responsible for maintaining effective
internal control over fi nancial reporting and for its assessment of the effectiveness of internal control over fi nancial reporting
included in the accompanying Management Report on Internal Control Over Financial Reporting. Our responsibility is to
express an opinion on the Company’s internal control over fi nancial reporting based on our audit.
We conducted our audit 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 effective internal
control over fi nancial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal
control over fi nancial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.