Tecumseh Products 2014 Annual Report Download - page 73

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in
the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported
within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to
our management, including our President and Chief Executive Officer and our Executive Vice President and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required disclosure.
Our management evaluated, with the participation of our President and Chief Executive Officer and our Executive Vice
President and Chief Financial Officer, the effectiveness of our disclosure controls and procedures and our internal control over
financial reporting as of December 31, 2014, pursuant to Exchange Act Rule 13a-15. Based upon such evaluation, and as of
December 31, 2014, our President and Chief Executive Officer along with our Executive Vice President and Chief Financial
Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of
December 31, 2014.
Limitations on the Effectiveness of Controls and Procedures
Management, including our President and Chief Executive Officer and our Executive Vice President and Chief Financial
Officer, does not expect that our disclosure controls and procedures or internal control over financial reporting will detect or
prevent all errors and all fraud. A control system, no matter how well designed and implemented, can provide only reasonable,
not absolute, assurance that the control system’s objective will be met. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all control issues within a company are detected.
In addition, projection of any evaluation of the effectiveness of internal control over financial reporting to future periods is
subject to the risk that controls may become inadequate because of changes in condition, or that the degree of compliance with
policies and procedures included in such controls may deteriorate.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over our financial reporting. Our
internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and
principal financial officers, and effected by our board of directors, management and other personnel, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles in the U.S. and includes policies and procedures that:
(1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and
dispositions of assets
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only
in accordance with authorizations of our management and directors, and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
our assets that could have a material effect on the financial statements.
Management has evaluated the effectiveness of our internal control over financial reporting as of December 31, 2014. In
making its assessment, management used the framework described in Internal Control – Integrated Framework (2013 version)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation,
management has concluded that the Company maintained effective internal control over financial reporting as of December 31,
2014.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2014 has been audited by
Grant Thornton LLP, our independent registered public accounting firm, as stated in their report which is included in this
Item 9A of this report on Form 10-K.