Whirlpool 2015 Annual Report Download - page 50

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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 four independent directors who, in the opinion
of the board, meet the relevant financial experience, literacy, and expertise requirements. The audit committee provides inde-
pendent 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 responsibil-
ity 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 16, 2016
2015 WHIRLPOOL CORPORATION