Sunbeam 2010 Annual Report Download - page 26

Management’s Report
Jarden Corporation Annual Report 2010
Management’s Report on Internal Control Over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting
as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal control over financial reporting is
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The
Company’s internal control over financial reporting includes those policies and procedures that:
• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions
of the assets of the Company;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the
Company’s assets that could have a material effect on the financial statements.
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.
As required by Section 404 of the Sarbanes-Oxley Act of 2002, management assessed the effectiveness of the Company’s internal
control over financial reporting as of December 31, 2010. In making this assessment, management used the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.
Based on our assessment and the above criteria, management concluded that the Company maintained effective internal control
over financial reporting as of December 31, 2010.
On April 1, 2010, the Company acquired Mapa Spontex. The Company has excluded Mapa Spontex’s internal controls over
financial reporting for fiscal year 2010 from its assessment of and conclusion on the effectiveness of its internal controls over
financial reporting. Mapa Spontex constituted approximately 10% of the Company’s consolidated assets at December 31, 2010 and
approximately 9% of the Company’s net sales for the year ended December 31, 2010.
On October 1, 2010 and December 17, 2010, the Company acquired Aero and Quickie, respectively. The Company has excluded
Aero’s and Quickies’s internal controls over financial reporting for fiscal year 2010 from its assessment of and conclusion on
the effectiveness of its internal controls over financial reporting. Aero and Quickie combined, constituted approximately 5%
of the Company’s consolidated assets at December 31, 2010 and less than 1% of the Company’s net sales for the year ended
December 31, 2010.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2010 has been audited by the
Company’s independent auditor, PricewaterhouseCoopers LLP, an independent registered public accounting firm and issued their
audit report expressing an unqualified opinion on the Company’s internal control over financial reporting, as stated in their report
which is included elsewhere herein.
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