GWW » Topics » Internal Control over Financial Reporting
This excerpt taken from the GWW 10-K filed Feb 28, 2005.
Internal Control over Financial Reporting
(a)
Management’s Annual Report on Internal Control Over Financial Reporting
The
management of W.W. Grainger, Inc. (Grainger) is responsible for establishing and
maintaining adequate internal control over financial reporting. Grainger’s internal
control system was designed to provide reasonable assurance to Grainger’s management
and Board of Directors regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with accounting
principles generally accepted in the United States of America.
Because
of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements under all potential conditions. Therefore, effective internal control
over financial reporting provides only reasonable, and not absolute, assurance with
respect to the preparation and presentation of financial statements.
Grainger’s
management assessed the effectiveness of Grainger’s internal control over financial
reporting as of December 31, 2004, based on the framework set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control –
Integrated Framework. Based on its assessment under that framework and the criteria
established therein, Grainger’s management concluded that Grainger’s internal
control over financial reporting was effective as of December 31, 2004.
Grant
Thornton LLP, an independent registered public accounting firm, has audited
management’s assessment of the effectiveness of Grainger’s internal control over
financial reporting as of December 31, 2004, as stated in their report which is included
herein.
(b)
Attestation Report of
the Registered Public Accounting Firm
The
report from Grant Thornton LLP on its audit of management’s assessment of the
effectiveness of Grainger’s internal control over financial reporting as of December
31, 2004, is included on page 25.
(c)
Changes in Internal
Control Over Financial Reporting
There
were no changes in Grainger’s internal control over financial reporting that occurred
during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, Grainger’s internal control over financial reporting.
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