ADT 2003 Annual Report Download - page 129

Download and view the complete annual report

Please find page 129 of the 2003 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 132

  • 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
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

127
TYCO INTERNATIONAL LTD.
Report of Independent Auditors
TO THE BOARD OF DIRECTORS
AND SHAREHOLDERS OF TYCO INTERNATIONAL LTD.
In our opinion, 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 International
Ltd. and its subsidiaries at September 30, 2003 and 2002, and
the results of their operations and their cash flows for each of
the three years in the period ended September 30, 2003, in con-
formity with accounting principles generally accepted in the
United States of America. These financial statements are the
responsibility of the Company’s management; our responsibil-
ity is to express an opinion on these financial statements 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 per-
form 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 consolidated 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 discussed in Notes 1, 12 and 17, the Company adopted
provisions of Financial Accounting Standards Board Interpreta-
tion No. 46, Consolidation of Variable Interest Entities, in fiscal
year 2003, Statement of Financial Accounting Standards No.
142, Goodwill and Other Intangible Assets, in fiscal year 2002 and
SEC Staff Accounting Bulletin No. 101, Revenue Recognition in
Financial Statements in fiscal year 2001.
PricewaterhouseCoopers LLP
Ne w Yo rk , Ne w Yor k
November 4, 2003
(except for Note 33, for which the date is November 18, 2003)