United Technologies 2011 Annual Report Download - page 56

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MANAGEMENT’S DISCUSSION AND ANALYSIS
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING
The management of UTC is responsible for establishing and
maintaining adequate internal control over financial reporting.
Internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external reporting purposes in accordance with
accounting principles generally accepted in the United States
of America. Because of its inherent limitations, internal
control over financial reporting may not prevent or detect
misstatements. Management has assessed the effectiveness
of UTC’s internal control over financial reporting as of
December 31, 2011. In making its assessment, management
has utilized the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission in its
Internal Control–Integrated Framework, released in 1992.
Management concluded that based on its assessment, UTC’s
internal control over financial reporting was effective as of
December 31, 2011. The effectiveness of UTC’s internal control
over financial reporting, as of December 31, 2011, has been
audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, as stated in their report
which is included herein.
Louis R. Chênevert
Chairman & Chief Executive Officer
Gregory J. Hayes
Senior Vice President and Chief Financial Officer
Peter F. Longo
Vice President, Controller
54 UNITED TECHNOLOGIES CORPORATION