Whirlpool 2010 Annual Report Download - page 46

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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
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 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 indepen-
dent 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 14, 2011
Management’s Report on Internal Control Over Financial Reporting
The management of Whirlpool Corporation 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 Securities Exchange Act of 1934. Whirlpool’s internal control
system is designed to provide reasonable assurance to Whirlpool’s management and board of directors regarding the reliability of
financial reporting and the preparation and fair presentation of published financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be
effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
The management of Whirlpool assessed the effectiveness of Whirlpool’s internal control over financial reporting as of December 31,
2010. In making this assessment, it 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 those criteria, management believes
that Whirlpool maintained effective internal control over financial reporting as of December 31, 2010.
Whirlpool’s independent registered public accounting firm has issued an audit report on its assessment of Whirlpool’s internal control
over financial reporting. This report appears on page 43.
Jeff M. Fettig Roy W. Templin
Chairman of the Board and Executive Vice President and
Chief Executive Officer Chief Financial Officer
February 14, 2011 February 14, 2011