Motorola 8167 User Manual - Page 28

Management Responsibility far Financial Statements Motorola, Inc. and Consolidated Subsidiaries Management is responsible for the preparation, integrity and objectivity of the consolidated financial statements and other financial information presented in this report. The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles, applying certain estimates and judgments as required. Motorola's internal controls are designed to provide reasonable assurance as to the integrity and reliability of the financial statements and to adequately safeguard, verify and maintain accountability of assets. Such controls are based on established written policies and procedures, are implemented by trained, skilled personnel with an appropriate segregation of duties, and are monitored through a comprehensive internal audit program. These policies and procedures prescribe that the Company and all employees are to maintain the highest ethical standards and that its business practices throughout the world are to be conducted in a manner which is above reproach. KPMG Peat Marwick, independent auditors, are retained to audit Motorola's financial statements. Their accompanying report is based on an audit conducted in accordance with generally accepted auditing standards, which includes a review of internal controls to establish a basis for reliance thereon in determining the nature, timing, and extent of audit tests to be applied. The Board of Directors exercises its responsibility for these financial statements through its Audit Committee, which consists entirely of independent non-management Board members. The Audit Committee meets periodically with the independent auditors and with the Company's internal auditors, both privately and with management present, to review accounting, auditing, internal controls and financial reporting matters. George Fisher Donald R. Jones Chairman of the Board Executive Vice President and Chief Executive Officer and Chief Financial Officer Independent Auditors' Report The Board of Directors and Stockholders of Motorola, Inc.: We have audited the accompanying consolidated balance sheets of Motorola, Inc. and consolidated subsidiaries as of December 31,1990 and 1989, and the related statements of consolidated earnings, stockholders'equity and cash flows for each of the years in the three-year period ended December 31,1990. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Motorola, Inc. and consolidated^ubsidiaries at December 31,1990 and 1989, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31,1990 in conformity with generally accepted accounting principles. KPMG Peat Marwick Chicago, Illinois January 16,1991 26