Cisco 2003 Annual Report Download - page 64

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TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF CISCO SYSTEMS, INC.:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations and shareholders’
equity and of cash flows present fairly, in all material respects, the financial position of Cisco Systems, Inc. and its subsidiaries at
July 26, 2003 and July 27, 2002, and the results of their operations and their cash flows for each of the three years in the period ended
July 26, 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.
San Jose, California
August 5, 2003
62 CISCO SYSTEMS, INC.
REPORT OF INDEPENDENT AUDITORS