Whirlpool 2009 Annual Report Download - page 104

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RE P O R T BY M A NAG E ME NT O N T H E CON S OL IDAT E D FI N A N C I A L S TAT E M E N T S
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 account-
ing 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 accordance 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 four independent directors
who, in the opinion of the board, meet the relevant financial experience, literacy, and expertise require-
ments. 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 17, 2010
100