Whirlpool 2007 Annual Report Download - page 120

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REPORTS OF MANAGEMENT P.118
REPORT BY MANAGEMENT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The management of Whirlpool Corporation has prepared the accompanying financial statements.
The financial statements have been audited by Ernst & Young LLP, an independent registered public
accounting firm, whose report, based upon their audits, expresses the opinion that these financial
statements present fairly the consolidated financial position, statements of income and cash flows of
Whirlpool and its subsidiaries in accordance with accounting principles generally accepted in the
United States. Their audits are conducted in conformity with the auditing standards of the Public
Company Accounting Oversight Board (United States).
The financial statements were prepared from the Company’s accounting records, books and
accounts which, in reasonable detail, accurately and fairly reflect all material transactions. The
Company maintains a system of internal controls designed to provide reasonable assurance that the
Company’s books and records, and the Company’s assets are maintained and accounted for, in accor-
dance with management’s authorizations. The Company’s accounting records, policies and internal
controls are regularly reviewed by an internal audit staff.
The audit committee of the Board of Directors of the Company is composed of five independent
directors who, in the opinion of the board, meet the relevant financial experience, literacy, and expertise
requirements. The audit committee provides independent and objective oversight of the Company’s
accounting functions and internal controls and monitors (1) the objectivity of the Company’s financial
statements, (2) the Company’s compliance with legal and regulatory requirements, (3) the independent
registered public accounting firm’s qualifications and independence, and (4) the performance of the
Company’s internal audit function and independent registered public accounting firm. In performing
these functions, the committee has the responsibility to review and discuss the annual audited financial
statements and quarterly financial statements and related reports with management and the independent
registered public accounting firm, including the Company’s disclosures under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” to monitor the adequacy
of financial disclosure. The committee also has the responsibility to retain and terminate the Company’s
independent registered public accounting firm and exercise the committee’s sole authority to review
and approve all audit engagement fees and terms and pre-approve the nature, extent, and cost of all
non-audit services provided by the independent registered public accounting firm.
Roy W. Templin
Executive Vice President and Chief Financial Officer
February 22, 2008