3M 2012 Annual Report Download - page 50
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Management’s Responsibility for Financial Reporting
Management is responsible for the integrity and objectivity of the financial information included in this report. The financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of
America. Where necessary, the financial statements reflect estimates based on management’s judgment.
Management has established and maintains a system of internal accounting and other controls for the Company and its
subsidiaries. This system and its established accounting procedures and related controls are designed to provide
reasonable assurance that assets are safeguarded, that the books and records properly reflect all transactions, that
policies and procedures are implemented by qualified personnel, and that published financial statements are properly
prepared and fairly presented. The Company’s system of internal control is supported by widely communicated written
policies, including business conduct policies, which are designed to require all employees to maintain high ethical
standards in the conduct of Company affairs. Internal auditors continually review the accounting and control system.
3M Company
Management’s Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining an adequate system of internal control over financial
reporting. Management conducted an assessment of the Company’s internal control over financial reporting based on the
framework established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control —
Integrated Framework. Based on the assessment, management concluded that, as of December 31, 2012, the
Company’s internal control over financial reporting is effective.
Management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of December
31, 2012 excluded Ceradyne, Inc., which was acquired by the Company in November 2012 in a purchase business
combination. Ceradyne, Inc. is a wholly-owned subsidiary of the Company whose total assets and total net sales
represented less than 5% of consolidated total assets and less than 1% of consolidated net sales, respectively, of the
Company as of and for the year ended December 31, 2012. As permitted by guidelines established by the Securities and
Exchange Commission, companies are allowed to exclude certain acquisitions from their assessment of internal control
over financial reporting during the first year of an acquisition while integrating the acquired company.
The Company’s internal control over financial reporting as of December 31, 2012 has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is
included herein, which expresses an unqualified opinion on the effectiveness of the Company’s internal control over
financial reporting as of December 31, 2012.
3M Company
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