Estee Lauder 2015 Annual Report Download - page 123

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120 THE EST{E LAUDER COMPANIES INC.
The Board of Directors and Stockholders
The Estée Lauder Companies Inc.:
We have audited the accompanying consolidated balance sheets of The Estée Lauder Companies Inc. and subsidiaries
(“the Company”) as of June 30, 2015 and 2014, and the related consolidated statements of earnings, comprehensive
income (loss), equity and cash flows for each of the years in the three-year period ended June 30, 2015. 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 The Estée Lauder Companies Inc. and subsidiaries as of June 30, 2015 and 2014, and the results of their
operations and their cash flows for each of the years in the three-year period ended June 30, 2015, in conformity with
U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), The Estée Lauder Companies Inc. and subsidiaries’ internal control over financial reporting as of
June 30, 2015, based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated August 20, 2015 expressed
an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
New York, New York
August 20, 2015
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM