ADT 1999 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 1999 ADT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

66
report of independent accountants
To the Board of Directors and Shareholders of Tyco International Ltd.:
In our opinion, based upon our audits and the reports of other auditors, the accompanying consolidated balance sheets and the related con-
solidated statements of operations, shareholders’ equity and cash flows present fairly, in all material respects, the financial position of Tyco
International Ltd. and its subsidiaries at September 30, 1999 and 1998, and the results of their operations and their cash flows for the years
ended September 30, 1999 and 1998, and the nine months ended September 30, 1997, in conformity with accounting principles generally
accepted in the United States. These consolidated financial statements are the responsibility of the Company’s management; our responsibil-
ity is to express an opinion on these consolidated financial statements based on our audits. We did not audit the financial statements of AMP
Incorporated, a wholly owned subsidiary, at September 30, 1998, and for the year ended September 30, 1998 and the nine months ended Sep-
tember 30, 1997, which statements reflect total assets constituting 20.1% of consolidated total assets as of September 30, 1998, and net sales
constituting 29.0% and 33.6% of consolidated net sales for the year ended September 30, 1998 and the nine months ended September 30,
1997, respectively. We did not audit the financial statements of United States Surgical Corporation, a wholly owned subsidiary, for the nine
months ended September 30, 1997, which statements reflect net sales constituting 6.8% of consolidated net sales for the nine months ended
September 30, 1997. Those statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion
expressed herein, insofar as it relates to the amounts included for AMP Incorporated and United States Surgical Corporation, as of and for the
periods described above, is based solely on the reports of the other auditors. We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States, which 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, assessing the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that our audits and the reports of other auditors provide a reasonable
basis for the opinion expressed above.
PRICEWATERHOUSECOOPERS
Hamilton, Bermuda
October 21, 1999