Rayovac 2003 Annual Report Download - page 68

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Rayovac Corporation’s financial statements are prepared by management, which is responsible for their fairness, integrity and
objectivity. The accompanying financial statements have been prepared in conformity with generally accepted accounting prin-
ciples in the United States applied on a consistent basis except for accounting changes as disclosed and accordingly, include amounts
that are estimates and judgments. All historical financial information in this annual report is consistent with the accompanying
financial statements.
Rayovac maintains accounting systems, including internal accounting controls monitored by internal audit, that are designed to
provide reasonable assurance of the reliability of financial records and the protection of assets. The concept of reasonable assurance
is based on recognition that the cost of a system should not exceed the related benefits. The effectiveness of those systems depends
primarily upon the careful selection of financial and other managers, clear delegation of authority and assignment of accountability,
inculcation of high business ethics and conflict-of-interest standards, policies and procedures and the leadership and commitment
of top management.
Rayovac’s financial statements are audited by independent auditors, in accordance with generally accepted auditing standards in the
United States. These standards provide for a review of Rayovac’s internal accounting controls to the extent they deem appropriate
in order to issue their opinion on the financial statements.
The Audit Committee of the Board of Directors, which consists solely of non-employee directors, is responsible for overseeing the
functioning of the accounting system and related controls and the preparation of annual financial statements. The Audit Committee
members periodically meet with management to review and evaluate their accounting, auditing and financial reporting activities
and responsibilities. The independent accountants and internal audit have full and free access to the Audit Committee with and
without management present.
Management’s Statement of Responsibility for Financial Statements
Rayovac Corporation and Subsidiaries
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