E-Z-GO 2007 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2007 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

35
Management is responsible for the integrity and objectivity of the fi nancial data presented in this Annual Report on Form 10-K. The Consolidated
Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States and include amounts
based on management’s best estimates and judgments. Management also is responsible for establishing and maintaining adequate internal
control over fi nancial reporting for Textron Inc. as such term is defi ned in Exchange Act Rules 13a-15(f). With the participation of our
management, we conducted an evaluation of the effectiveness of our internal control over fi nancial reporting based on the framework in Internal
Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation
under the framework in Internal Control – Integrated Framework, we have concluded that Textron Inc. maintained, in all material respects, effective
internal control over fi nancial reporting as of December 29, 2007.
The independent registered public accounting fi rm, Ernst & Young LLP, has audited the Consolidated Financial Statements of Textron Inc. and
has issued an attestation report on Textron’s internal controls over fi nancial reporting as of December 29, 2007, as stated in its reports, which are
included herein.
We conduct our business in accordance with the standards outlined in the Textron Business Conduct Guidelines, which are communicated to all
employees. Honesty, integrity and high ethical standards are the core values of how we conduct business. Every Textron business prepares and
carries out an annual Compliance Plan to ensure these values and standards are maintained. Our internal control structure is designed to provide
reasonable assurance, at appropriate cost, that assets are safeguarded and that transactions are properly executed and recorded. The internal
control structure includes, among other things, established policies and procedures, an internal audit function, and the selection and training of
qualifi ed personnel. Textron’s management is responsible for implementing effective internal control systems and monitoring their effectiveness,
as well as developing and executing an annual internal control plan.
The Audit Committee of our Board of Directors, on behalf of the shareholders, oversees management’s fi nancial reporting responsibilities.
The Audit Committee consists of four directors who are not offi cers or employees of Textron and meets regularly with the independent auditors,
management and our internal auditors to review matters relating to fi nancial reporting, internal accounting controls and auditing. Both the
independent auditors and the internal auditors have free and full access to senior management and the Audit Committee.
Lewis B. Campbell Ted R. French
Chairman, President and Chief Executive Vice President and
Executive Offi cer Chief Financial Offi cer
February 13, 2008
Report of Management