ADT 2001 Annual Report Download - page 90

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88
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF TYCO INTERNATIONAL LTD.
In our opinion, based upon our audits, the accompanying consolidated balance sheets and the related consolidated statements of
operations, of shareholders’ equity and of cash flows present fairly, in all material respects, the financial position of Tyco Interna-
tional Ltd. and its subsidiaries at September 30, 2001 and 2000, and the results of their operations and their cash flows for each of
the three years in the period ended September 30, 2001, in conformity with accounting principles generally accepted in the United
States of America. In addition, in our opinion, the accompanying financial statement schedule presents fairly, in all material
respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These
financial statements and financial statement schedule are the responsibility of the Company’s management; our responsibility is
to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits
of these statements in accordance with auditing standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-
statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial state-
ments, assessing the accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 18, the Company changed its method of revenue recognition and changed its method of accounting for
derivative instruments and hedging activities.
PRICEWATERHOUSECOOPERS
Hamilton, Bermuda
October 18, 2001, except as
to Note 31 which is as of
December 18, 2001