Whirlpool 2013 Annual Report Download - page 45

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 consoli-
dated 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 four 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 18, 2014
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, 2013. 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 (1992 Framework).
Based on our assessment and those criteria, management believes that Whirlpool maintained effective internal
control over financial reporting as of December 31, 2013.
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 45.
Jeff M. Fettig Larry M. Venturelli
Chairman of the Board and Executive Vice President and
Chief Executive Officer Chief Financial Officer
February 18, 2014 February 18, 2014
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