Emerson 2006 Annual Report Download - page 60

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Notes to Consolidated Financial Statements

The Board of Directors and Stockholders
Emerson Electric Co.:
We have audited the accompanying consolidated balance sheets of Emerson Electric Co. and subsidiaries as of September 30, 2006
and 2005, and the related consolidated statements of earnings, stockholders’ equity, and cash ows for each of the years in the
three-year period ended September 30, 2006. These consolidated nancial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated nancial statements based on our 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 audit to obtain reasonable assurance about whether the nancial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the nan-
cial statements. An audit also includes assessing the accounting principles used and signicant estimates made by management, as
well as evaluating the overall nancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated nancial statements referred to above present fairly, in all material respects, the nancial position of
Emerson Electric Co. and subsidiaries as of September 30, 2006 and 2005, and the results of their operations and their cash ows for
each of the years in the three-year period ended September 30, 2006, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
effectiveness of Emerson Electric Co.’s internal control over nancial reporting as of September 30, 2006, based on criteria established
in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and
our report dated November 20, 2006 expressed an unqualied opinion on management’s assessment of, and the effective operation
of, internal control over nancial reporting.
St. Louis, Missouri
November 20, 2006