Eversource 2002 Annual Report Download - page 35

33
Company’s underlying records obtained from management, and ii)
testing the mathematical accuracy of the reconciliation of adjusted net
income to reported net income, and the related earnings-per-share
amounts. In our opinion, the disclosures in Note 5 are appropriate.
However, we were not engaged to audit, review, or apply any
procedures to the 2000 consolidated financial statements of the
Company other than with respect to such disclosures and, accordingly,
we do not express an opinion or any other form of assurance on the
2000 consolidated financial statements taken as a whole.
DELOITTE & TOUCHE LLP
Hartford, Connecticut
January 28, 2003
(February 27, 2003 as to Note 8A)
To the Board of Trustees and Shareholders of Northeast Utilities:
We have audited the accompanying consolidated balance sheets
and consolidated statements of capitalization of Northeast Utilities
(a Massachusetts trust) and subsidiaries as of December 31, 2001 and
2000, and the related consolidated statements of income, comprehensive
income, shareholders’equity, cash flows, and income taxes for each of
the three years in the period ended December 31, 2001. 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 in accordance with auditing standards generally
accepted in the 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 financial statements referred to above present fairly,
in all material respects, the financial position of Northeast Utilities and
subsidiaries as of December 31, 2001 and 2000, and the results of their
operations and their cash flows for each of the three years in the period
ended December 31, 2001, in conformity with accounting principles
generally accepted in the United States.
As discussed in Note 1C to the consolidated financial statements,
effective January 1, 2001, the company adopted Statement of Financial
Accounting Standards No. 133, “Accounting for Derivative Instruments
and Hedging Activities,” as amended.
ARTHUR ANDERSEN LLP
Hartford, Connecticut
January 22, 2002
Readers of these consolidated financial statements should be aware that this
report is a copy of a previously issued Arthur Andersen LLP report and that
this report has not been reissued by Arthur Andersen LLP. Furthermore, this
report has not been updated since January 22, 2002, and Arthur Andersen
LLP completed its last post-audit review of December 31, 2001, consolidated
financial information on May 13, 2002.
Readers should also be aware that amounts previously reported have been
reclassified with the adoption of net reporting, which is discussed in Note 1C
to the consolidated financial statements. The 2001 consolidated financial
statements have been reaudited by Deloitte & Touche LLP.
Report of Independent
Public Accountants