Whirlpool 2012 Annual Report Download - page 38

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36
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 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.
Larry M. Venturelli
Executive Vice President and
Chief Financial Officer
February 19, 2013