Rayovac 2005 Annual Report Download - page 71

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effective based on these criteria. The Company’s
independent registered public accounting fi rm,
KPMG LLP, has issued an attestation report on
management’s assessment of the Company’s
internal control over fi nancial reporting, which is
included herein.
Spectrum Brands, Inc. acquired United Industries
Corporation, Tetra Holding GmbH, and Jungle
Laboratories Corporation during fi scal 2005, and
management excluded these acquisitions from its
assessment of the effectiveness of internal control
over fi nancial reporting as of September 30, 2005.
The acquired companies’ internal control over
fi nancial reporting associated with total assets of
$2,348 million and total revenues of $883 million is
included in the consolidated fi nancial statements of
Spectrum Brands, Inc. and subsidiaries as of and for
the year ended September 30, 2005. Management’s
assessment of internal control over fi nancial report-
ing of Spectrum Brands, Inc. also excluded an eval-
uation of the internal control over fi nancial reporting
of the aforementioned acquired companies.
Limitations on the Effectiveness of Controls.
The Company’s management, including our Chief
Executive Offi cer and Chief Financial Offi cer, does
not expect that the Company’s disclosure controls
and procedures or the Company’s internal controls
over fi nancial reporting will prevent all errors and
all fraud. A control system, no matter how well con-
ceived and operated, can provide only reasonable,
not absolute, assurance that the objectives of the
control system are met. Further, the design of a
control system must refl ect the fact that there are
resource constraints, and the benefi ts of controls
must be considered relative to their costs. Because
of the inherent limitations in all control systems, no
evaluation of controls can provide absolute assur-
ance that all control issues and instances of fraud,
if any, within the Company have been detected.
ITEM 9B.
OTHER INFORMATION
Not applicable.
2005 Form 10-K Annual Report
Spectrum Brands, Inc.
2005 ANNUAL REPORT 51