Whirlpool 2011 Annual Report Download - page 47

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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, compliance with 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 objec-
tivity 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 disclo-
sures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” to monitor the ade-
quacy 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.
Larry M. Venturelli
Executive Vice President and Chief Financial Officer
February 22, 2012
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 deter-
mined 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, 2011. 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, 2011.
Whirlpool’s independent registered public accounting firm has issued an audit report on its assessment of Whirlpool’s inter-
nal control over financial reporting. This report appears on page 47.
Jeff M. Fettig Larry M. Venturelli
Chairman of the Board and Executive Vice President and
Chief Executive Officer Chief Financial Officer
February 22, 2012 February 22, 2012