ADP 2004 Annual Report Download - page 47

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Automatic Data Processing, Inc. and Subsidiaries
Report of Management
Management is responsible for the preparation of the accompa-
nying financial statements. The financial statements, which
include amounts based on the application of business judg-
ments, have been prepared in conformity with accounting
principles generally accepted in the United States of America.
Deloitte & Touche LLP, an independent registered public
accounting firm, has audited our consolidated financial state-
ments as described in their report.
The Company maintains financial control systems
designed to provide reasonable assurance that assets are safe-
guarded and that transactions are executed and recorded in
accordance with management authorization. The control systems
are supported by written policies and the control environment is
regularly evaluated by both the Company’s internal auditors and
Deloitte & Touche LLP.
The Board of Directors has an Audit Committee comprised
of four outside directors. The Audit Committee meets with both
Deloitte & Touche LLP and the internal auditors with and
without management’s presence. It monitors and reviews the
Company’s financial statements and internal controls, and the
scope of the internal auditors’ and Deloitte & Touche LLP’s
audits. Deloitte & Touche LLP and the internal auditors have free
access to the Audit Committee.
Arthur F. Weinbach
Chairman and Chief Executive Officer
Karen E. Dykstra
Chief Financial Officer
Roseland, New Jersey
August 11, 2004
Report of Independent Registered Public Accounting Firm
Board of Directors and Stockholders of
Automatic Data Processing, Inc.
Roseland, New Jersey
We have audited the accompanying consolidated balance sheets
of Automatic Data Processing, Inc. and subsidiaries (“the
Company”) as of June 30, 2004 and 2003, and the related con-
solidated statements of earnings, stockholders’ equity, and cash
flows for each of the three years in the period ended June 30,
2004. These consolidated financial statements are the responsi-
bility 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 Standards of
the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. 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 esti-
mates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits pro-
vide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements
present fairly, in all material respects, the financial position of the
Company at June 30, 2004 and 2003, and the results of their
operations and their cash flows for each of the three years in the
period ended June 30, 2004, in conformity with accounting prin-
ciples generally accepted in the United States of America.
New York, New York
August 11, 2004
Report of Management and Independent Auditors’ Report