Fluor 2001 Annual Report Download - page 51

FLUOR CORPORATION 2001 ANNUAL REPORT
MANAGEMENT’S AND INDEPENDENT AUDITORS’ REPORTS
MANAGEMENT
The company is responsible for preparation of the accompanying con-
solidated balance sheet and the related consolidated statements of
earnings, cash flows and shareholders’ equity. These statements have
been prepared in conformity with generally accepted accounting prin-
ciples and management believes that they present fairly the com-
pany’s consolidated financial position and results of operations. The
integrity of the information presented in the financial statements,
including estimates and judgments relating to matters not concluded
by fiscal year end, is the responsibility of management. To fulfill this
responsibility, an internal control structure designed to protect the
company’s assets and properly record transactions and events as
they occur has been developed, placed in operation and maintained.
The internal control structure is supported by an extensive program
of internal audits and is tested and evaluated by the independent audi-
tors in connection with their annual audit. The Board of Directors
pursues its responsibility for financial information through an Audit
Committee of Directors who are not employees. The internal audi-
tors and the independent auditors have full and free access to the
Committee. Periodically, the Committee meets separately with the
independent auditors and with internal audit without management
present to discuss the results of their audits, the adequacy of the
internal control structure and the quality of financial reporting.
ALAN L. BOECKMANN D. MICHAEL STEUERT
Chairman of the Board and Senior Vice President and
Chief Executive Officer Chief Financial Officer
REPORT OF INDEPENDENT AUDITORS
Board of Directors and Shareholders
Fluor Corporation
We have audited the accompanying consolidated balance sheets of
Fluor Corporation at December 31, 2001 and 2000, and the related con-
solidated statements of earnings, cash flows, and shareholders’
equity for the year ended December 31, 2001, the two months ended
December 31, 2000 and each of the two years in the period ended
October 31, 2000. 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 pro-
vide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of Fluor Corporation at December 31, 2001 and 2000, and
the consolidated results of its operations and its cash flows for the
year ended December 31, 2001, the two months ended December 31,
2000 and each of the two years in the period ended October 31, 2000,
in conformity with accounting principles generally accepted in
the United States.
Orange County, California
January 28, 2002
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