3M 2015 Annual Report Download - page 48

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TableofContents
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controloverfinancialreporting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overfinancialreporting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(2013).Management’sassessmentoftheeffectivenessoftheCompany’sinternalcontroloverfinancialreportingasof
December31,2015excludedCapitalSafetyGroupS.A.R.L.andPolyporeInternational,Inc.’sSeparationMediaBusiness,which
werebothacquiredbytheCompanyinAugust2015inpurchasebusinesscombinations.Theseacquiredbusinesses’totalassetsand
totalnetsales,intheaggregate,representedlessthan2percentandlessthan1percent,respectively,oftheCompany’sconsolidated
financialstatementamountsasofandfortheyearendedDecember31,2015.Companiesareallowedtoexcludeacquisitionsfrom
theirassessmentofinternalcontroloverfinancialreportingduringthefirstyearofacquisitionwhileintegratingtheacquired
companyunderguidelinesestablishedbytheSecuritiesandExchangeCommission.Basedontheassessment,management
concludedthat,asofDecember31,2015,theCompany’sinternalcontroloverfinancialreportingiseffective.
TheCompany’sinternalcontroloverfinancialreportingasofDecember31,2015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,2015.
3MCompany
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