3M 2015 Annual Report Download - page 48
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Please find page 48 of the 2015 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.TableofContents
Management’sResponsibilityforFinancialReporting
Managementisresponsiblefortheintegrityandobjectivityofthefinancialinformationincludedinthisreport.Thefinancial
statementshavebeenpreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Where
necessary,thefinancialstatementsreflectestimatesbasedonmanagement’sjudgment.
ManagementhasestablishedandmaintainsasystemofinternalcontroloverfinancialreportingfortheCompanyanditssubsidiaries.
Thissystemanditsestablishedaccountingproceduresandrelatedcontrolsaredesignedtoprovidereasonableassurancethatassets
aresafeguarded,thatthebooksandrecordsproperlyreflectalltransactions,thatpoliciesandproceduresareimplementedby
qualifiedpersonnel,andthatpublishedfinancialstatementsareproperlypreparedandfairlypresented.TheCompany’ssystemof
internalcontroloverfinancialreportingissupportedbywidelycommunicatedwrittenpolicies,includingbusinessconductpolicies,
whicharedesignedtorequireallemployeestomaintainhighethicalstandardsintheconductofCompanyaffairs.Internalauditors
continuallyreviewtheaccountingandcontrolsystem.
3MCompany
Management’sReportonInternalControlOverFinancialReporting
Managementisresponsibleforestablishingandmaintaininganadequatesystemofinternalcontroloverfinancialreporting.
ManagementconductedanassessmentoftheCompany’sinternalcontroloverfinancialreportingbasedontheframework
establishedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommissioninInternalControl—Integrated
Framework(2013).Management’sassessmentoftheeffectivenessoftheCompany’sinternalcontroloverfinancialreportingasof
December31,2015excludedCapitalSafetyGroupS.A.R.L.andPolyporeInternational,Inc.’sSeparationMediaBusiness,which
werebothacquiredbytheCompanyinAugust2015inpurchasebusinesscombinations.Theseacquiredbusinesses’totalassetsand
totalnetsales,intheaggregate,representedlessthan2percentandlessthan1percent,respectively,oftheCompany’sconsolidated
financialstatementamountsasofandfortheyearendedDecember31,2015.Companiesareallowedtoexcludeacquisitionsfrom
theirassessmentofinternalcontroloverfinancialreportingduringthefirstyearofacquisitionwhileintegratingtheacquired
companyunderguidelinesestablishedbytheSecuritiesandExchangeCommission.Basedontheassessment,management
concludedthat,asofDecember31,2015,theCompany’sinternalcontroloverfinancialreportingiseffective.
TheCompany’sinternalcontroloverfinancialreportingasofDecember31,2015hasbeenauditedbyPricewaterhouseCoopersLLP,
anindependentregisteredpublicaccountingfirm,asstatedintheirreportwhichisincludedherein,whichexpressesanunqualified
opinionontheeffectivenessoftheCompany’sinternalcontroloverfinancialreportingasofDecember31,2015.
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