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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 con-
trols are based on established written policies and proce-
dures, 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
Chairman of the Board
and Chief Executive Officer
Donald R. Jones
Executive Vice President
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^ub-
sidiaries 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
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