E-Z-GO 2007 Annual Report Download - page 57

36
The Board of Directors and Shareholders of Textron Inc.
We have audited Textron Inc.’s internal control over fi nancial reporting as of December 29, 2007, based on criteria established in Internal Control
– Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Textron Inc.’s
management is responsible for maintaining effective internal control over fi nancial reporting, and for its assessment of the effectiveness of
internal control over fi nancial reporting included in the accompanying Report of Management. Our responsibility is to express an opinion on the
company’s internal control over fi nancial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over fi nancial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal control over fi nancial reporting, assessing the risk
that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for
our opinion.
A company’s internal control over fi nancial reporting is a process designed to provide reasonable assurance regarding the reliability of fi nancial
reporting and the preparation of fi nancial statements for external purposes in accordance with generally accepted accounting principles. A
company’s internal control over fi nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly refl ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of fi nancial 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 (3) 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 fi nancial statements.
Because of its inherent limitations, internal control over fi nancial 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.
In our opinion, Textron Inc. maintained, in all material respects, effective internal control over fi nancial reporting as of December 29, 2007, based
on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Consolidated
Balance Sheets as of December 29, 2007 and December 30, 2006, and the related Consolidated Statements of Operations, Shareholders’ Equity
and Cash Flows for each of the three years in the period ended December 29, 2007 of Textron Inc. and our report dated February 13, 2008
expressed an unqualifi ed opinion thereon.
Boston, Massachusetts
February 13, 2008
Report of Independent Registered Public Accounting Firm on Internal Control
over Financial Reporting