Avon 2003 Annual Report Download - page 4

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In fulfilling these responsibilities, we are striving to conduct our business
according to the highest standards of business ethics and excellence, and
we are very proud of Avon’s commitment to respond faithfully to investors’
requirements for reliable financial information in full compliance with the law.
Our complex, demanding world requires that the value of integrity be the anchor
of trust that guides all our actions. It is our hope and belief that readers of this
report will find it informative and useful, and that they will value Avon’s unwaver-
ing commitment to excellence in corporate governance and financial reporting.
Andrea Jung Robert J. Corti
Chairman and Executive Vice President and
Chief Executive Officer Chief Financial Officer
To the Board of Directors and Shareholders of Avon Products, Inc.
In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of income, cash flows and changes in shareholders’
equity (deficit) present fairly, in all material respects, the financial position of
Avon Products, Inc. and its subsidiaries at December 31, 2003 and 2002, and
the results of their operations and their cash flows for each of the three years in
the period ended December 31, 2003, in conformity with accounting princi-
ples generally accepted in the United States of America. These financial state-
ments are the responsibility of Avon’s management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing stan-
dards 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 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 sig-
nificant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
PricewaterhouseCoopers LLP
New York, New York
January 28, 2004
23
Report of Independent Auditors