Avnet 2002 Annual Report Download - page 52

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INDEPENDENT AUDITORS' REPORT
The Board of Directors
Avnet, Inc.
We have audited the accompanying consolidated balance sheet of Avnet, Inc. and subsidiaries as of
June 28, 2002, and the related consolidated statements of operations, shareholders' equity and cash Öows for
the year then ended. In connection with our audit of the consolidated Ñnancial statements, we have also
audited the Ñnancial statement schedule for the year ended June 28, 2002 listed in the accompanying index.
These consolidated Ñnancial statements and Ñnancial statement schedule are the responsibility of the
Company's management. Our responsibility is to express an opinion on these consolidated Ñnancial statements
and Ñnancial statement schedule based on our audit. The consolidated Ñnancial statements and Ñnancial
statement schedule of Avnet, Inc. and subsidiaries as of June 29, 2001 and June 30, 2000 and for each of the
years in the two-year period then ended were audited by other auditors who have ceased operations. Those
auditors expressed an unqualiÑed opinion on those consolidated Ñnancial statements and Ñnancial statement
schedule in their report dated August 14, 2001 based upon their audits and upon the report of other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the Ñnancial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An audit also includes
assessing the accounting principles used and signiÑcant estimates made by management, as well as evaluating
the overall Ñnancial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material
respects, the Ñnancial position of Avnet, Inc. and subsidiaries as of June 28, 2002, and the results of their
operations and their cash Öows for the year then ended in conformity with accounting principles generally
accepted in the United States of America. Also, in our opinion, the related Ñnancial statement schedule for
the year ended June 28, 2002, when considered in relation to the basic consolidated Ñnancial statements taken
as a whole, presents fairly, in all material respects, the information set forth therein.
As discussed in Note 6 to the consolidated Ñnancial statements, the Company changed its method of
accounting for goodwill and other intangible assets during its Ñscal year ended June 28, 2002.
/s/ KPMG LLP
Phoenix, Arizona
August 7, 2002
41