Sunbeam 2010 Annual Report Download - page 27

Report of Independent Registered Public Accounting Firm
Jarden Corporation Annual Report 2010
To the Board of Directors and Stockholders of Jarden Corporation:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, stockholders’
equity and cash flows present fairly, in all material respects, the financial position of Jarden Corporation and its subsidiaries at
December 31, 2010 and 2009, and the results of their operations and their cash flows for each of the three years in the period ended
December 31, 2010 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion,
the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2010, based
on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). The Company’s management is responsible for these financial statements, for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting,
included in Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on these
financial statements and on the Company’s internal control over financial reporting based on our integrated 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 audits to obtain reasonable assurance about whether the financial statements are free of
material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our
audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding
of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for
our opinions.
As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for business
combinations in 2009.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
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 (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness 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.
As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded Mapa Spontex
from its assessment of internal control over financial reporting as of December 31, 2010 because it was acquired by the Company
in a purchase business combination during 2010. We have also excluded Mapa Spontex from our audit of internal control over
financial reporting. Mapa Spontex constituted approximately 10% of the Company’s consolidated assets at December 31, 2010 and
approximately 9% of the Company’s net sales for the year ended December 31, 2010.
In addition, as described in Management’s Report on Internal Control Over Financial Reporting, management has excluded Aero
and Quickie from its assessment of internal control over financial management as of December 31, 2010 because it was acquired by
the Company in a purchase business combination during 2010. We have also excluded Aero and Quickie from our audit of internal
control over financial reporting. Aero and Quickie combined constituted approximately 5% of the Company’s consolidated assets at
December 31, 2010 and approximately 1% of the Company’s net sales for the year ended December 31, 2010.
New York, New York
February 24, 2011
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