3M 2015 Annual Report Download - page 49

TableofContents
ReportofIndependentRegisteredPublicAccountingFirm

TotheStockholdersandBoardofDirectorsof3MCompany

Inouropinion,theconsolidatedfinancialstatementslistedintheaccompanyingindexpresentfairly,inallmaterialrespects,thefinancial
positionof3MCompanyanditssubsidiaries(the“Company”)atDecember31,2015and2014,andtheresultsoftheiroperationsandtheir
cashflowsforeachofthethreeyearsintheperiodendedDecember31,2015inconformitywithaccountingprinciplesgenerallyacceptedinthe
UnitedStatesofAmerica.Alsoinouropinion,theCompanymaintained,inallmaterialrespects,effectiveinternalcontroloverfinancial
reportingasofDecember31,2015,basedoncriteriaestablishedinInternalControl-IntegratedFramework(2013)issuedbytheCommittee
ofSponsoringOrganizationsoftheTreadwayCommission(COSO).TheCompany'smanagementisresponsibleforthesefinancialstatements,
formaintainingeffectiveinternalcontroloverfinancialreportingandforitsassessmentoftheeffectivenessofinternalcontroloverfinancial
reporting,includedintheaccompanyingManagement'sReportonInternalControloverFinancialReporting.Ourresponsibilityistoexpress
opinionsonthesefinancialstatementsandontheCompany'sinternalcontroloverfinancialreportingbasedonourintegratedaudits.We
conductedourauditsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandards
requirethatweplanandperformtheauditstoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterial
misstatementandwhethereffectiveinternalcontroloverfinancialreportingwasmaintainedinallmaterialrespects.Ourauditsofthefinancial
statementsincludedexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements,assessingthe
accountingprinciplesusedandsignificantestimatesmadebymanagement,andevaluatingtheoverallfinancialstatementpresentation.Our
auditofinternalcontroloverfinancialreportingincludedobtaininganunderstandingofinternalcontroloverfinancialreporting,assessingthe
riskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessed
risk.Ourauditsalsoincludedperformingsuchotherproceduresasweconsiderednecessaryinthecircumstances.Webelievethatouraudits
provideareasonablebasisforouropinions.

AsdiscussedinNote1totheconsolidatedfinancialstatements,theCompanychangedthemannerinwhichitaccountsformarketablesecurities
anddeferredtaxassetsandliabilitiesin2015.

Acompany’sinternalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancial
reportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.A
company’sinternalcontroloverfinancialreportingincludesthosepoliciesandproceduresthat(i)pertaintothemaintenanceofrecordsthat,in
reasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(ii)providereasonableassurance
thattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccounting
principles,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementand
directorsofthecompany;and(iii)providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,or
dispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Becauseofitsinherentlimitations,internalcontroloverfinancialreportingmaynotpreventordetectmisstatements.Also,projectionsofany
evaluationofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthat
thedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

AsdescribedinManagement'sReportonInternalControloverFinancialReporting,managementhasexcludedCapitalSafetyGroupS.A.R.L.
(“CapitalSafety”)andPolyporeInternational,Inc.’sSeparationsMediaBusiness(“PolyporeSeparationsMedia”)fromitsassessmentof
internalcontroloverfinancialreportingasofDecember31,2015becausethesebusinesseswereacquiredbytheCompanyinpurchasebusiness
combinationsduring2015.WehavealsoexcludedCapitalSafetyandPolyporeSeparationsMediafromourauditofinternalcontrolover
financialreporting.CapitalSafetyisawholly-ownedsubsidiaryoftheCompanyandtheCompanyacquiredtheassetsandliabilitiesof
PolyporeSeparationsMediawhosetotalassetsandtotalnetsales,intheaggregate,representlessthan2percentandlessthan1percent,
respectively,oftherelatedconsolidatedfinancialstatementamountsasofandfortheyearendedDecember31,2015.


/s/PricewaterhouseCoopersLLP 
PricewaterhouseCoopersLLP 
Minneapolis,Minnesota 
February11,2016 

49
