Graco 2005 Annual Report Download - page 37

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
Newell Rubbermaid Inc.
We have audited management's assessment, included in the accompanying Management's Responsi-
bility for Financial Statements and Annual Report on Internal Control Over Financial Reporting, that
Newell Rubbermaid Inc. maintained eÅective internal control over Ñnancial reporting as of December 31,
2005, based on criteria established in Internal ControlÌIntegrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (the COSO criteria). Newell Rubbermaid Inc.'s
management is responsible for maintaining eÅective internal control over Ñnancial reporting and for its
assessment of the eÅectiveness of internal control over Ñnancial reporting. Our responsibility is to express
an opinion on management's assessment and an opinion on the eÅectiveness of the company's internal
control over Ñnancial 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 eÅective internal control over Ñnancial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal control over Ñnancial
reporting, evaluating management's assessment, testing and evaluating the design and operating
eÅectiveness of internal control, 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 Ñnancial reporting is a process designed to provide reasonable
assurance regarding the reliability of Ñnancial reporting and the preparation of Ñnancial statements for
external purposes in accordance with generally accepted accounting principles. A company's internal
control over Ñnancial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reÖect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of Ñnancial 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 eÅect on the Ñnancial statements.
Because of its inherent limitations, internal control over Ñnancial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of eÅectiveness 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, management's assessment that Newell Rubbermaid Inc. maintained eÅective internal
control over Ñnancial reporting as of December 31, 2005, is fairly stated, in all material respects, based on
the COSO criteria. Also, in our opinion, Newell Rubbermaid Inc. maintained, in all material respects,
eÅective internal control over Ñnancial reporting as of December 31, 2005, 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 of Newell Rubbermaid Inc. as of December 31,
2005 and 2004, and the related consolidated statements of operations, stockholders' equity, and cash Öows
for each of the three years in the period ended December 31, 2005 of Newell Rubbermaid Inc. and our
report dated February 10, 2006, expressed an unqualiÑed opinion thereon.
Chicago, Illinois
February 10, 2006
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