CDW 2003 Annual Report Download - page 41

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28
REPORT OF INDEPENDENT AUDITORS
To Board of Directors and
Shareholders of CDW Corporation:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income,
shareholders' equity and cash flows present fairly, in all material respects, the financial position of CDW
Corporation 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 principles
generally accepted in the United States of America. These financial statements are the responsibility of the
Company'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 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 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 provide a reasonable basis for our opinion.
As discussed in Note 4 to the Consolidated Financial Statements, on January 1, 2003, the Company adopted
Emerging Issues Task Force Issue No. 02-16, “Accounting by a Customer (including a Reseller) for Certain
Consideration Received from a Vendor.” As discussed in Note 16 to the Consolidated Financial Statements, on
January 1, 2003, the Company adopted Financial Accounting Standards Board Interpretation No. 45, “Guarantor’s
Accounting and Disclosure Requirements for Guarantees.” As discussed in Note 4 to the Consolidated Financial
Statements, during 2003 the Company adopted Financial Accounting Standards Board Interpretation No. 46
(revised December 2003), “Consolidation of Variable Interest Entities, an interpretation of ARB 51.”
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Chicago, Illinois
January 16, 2004, except for Note 15, as to which the
date is February 12, 2004