Emerson 2004 Annual Report Download - page 53

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51
Report of Independent Registered
Public Accounting Firm
The Board of Directors and Stockholders
Emerson Electric Co.:
We have audited the accompanying consolidated balance sheets of Emerson Electric Co. and subsidiaries
as of September 30, 2004 and 2003, and the related consolidated statements of earnings, stockholders’
equity, and cash flows for each of the years in the three-year period ended September 30, 2004.
These consolidated financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards 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.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Emerson Electric Co. and subsidiaries as of September 30, 2004 and
2003, and the results of their operations and their cash flows for each of the years in the three-year
period ended September 30, 2004, in conformity with U.S. generally accepted accounting principles.
As described in Note 6 to the consolidated financial statements, the Company adopted Statement
of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets” in the year ended
September 30, 2002.
St. Louis, Missouri
November 1, 2004