Rayovac 2005 Annual Report Download - page 80

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Report of Independent Registered Public
Accounting Firm
The Board of Directors and Shareholders
Spectrum Brands, Inc.:
We have audited the accompanying consolidated
balance sheets of Spectrum Brands, Inc. and sub-
sidiaries as of September 30, 2005 and 2004, and
the related consolidated statements of operations,
shareholders’ equity, and cash fl ows for each of the
years in the three-year period ended September 30,
2005. In connection with our audits of the consoli-
dated fi nancial statements, we also have audited
fi nancial statement schedule as listed in Item 15(a)
2. These consolidated fi nancial statements and
fi nancial statement schedule are the responsibility
of the Company’s management. Our responsibility is
to express an opinion on these consolidated fi nan-
cial statements and fi nancial statement schedule
based on our audits.
We conducted our audits in accordance with the
standards of the Public Company Accounting Over-
sight Board (United States). Those standards require
that we plan and perform the audit to obtain reason-
able assurance about whether the fi nancial state-
ments are free of material misstatement. An audit
includes examining, on a test basis, evidence sup-
porting the amounts and disclosures in the fi nancial
statements. An audit also includes assessing the
accounting principles used and signifi cant estimates
made by management, as well as evaluating the
overall fi nancial statement presentation. We believe
that our audits provide a reasonable basis for
our opinion.
In our opinion, the consolidated fi nancial state-
ments referred to above present fairly, in all material
respects, the fi nancial position of Spectrum Brands,
Inc. and subsidiaries as of September 30, 2005 and
2004, and the results of their operations and their
cash fl ows for each of the years in the three-year
period ended September 30, 2005, in conformity
with U.S. generally accepted accounting principles.
Also in our opinion, the related fi nancial statement
schedule, when considered in relation to the basic
consolidated fi nancial statements taken as a whole,
presents fairly, in all material respects, the informa-
tion set forth therein.
We also have audited, in accordance with the
standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of Spectrum
Brands, Inc. and subsidiaries’ internal control over
fi nancial reporting as of September 30, 2005, 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 December 14, 2005 expressed
an unqualifi ed opinion on management’s assessment
of, and the effective operation of, internal control
over fi nancial reporting.
Atlanta, Georgia
December 14, 2005
2005 Form 10-K Annual Report
Spectrum Brands, Inc.
SPECTRUM BRANDS, INC.60