Goldman Sachs 2000 Annual Report Download - page 48

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To the Board of Directors and Shareholders,
The Goldman Sachs Group, Inc.:
In our opinion, the accompanying consolidated statements
of financial condition and the related consolidated state-
ments of earnings, changes in shareholders’ equity and
partners’ capital, cash flows and comprehensive income
present fairly, in all material respects, the financial position
of The Goldman Sachs Group, Inc. and its Subsidiaries (the
“Company”) as of November 24, 2000 and November 26,
1999, and the results of their operations and their cash
flows for each of the three fiscal years in the period ended
November 24, 2000, in conformity with accounting princi-
ples 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 financial 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 mis-
statement. 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.
New York, New York
January 19, 2001
REPORT OF INDEPENDENT ACCOUNTANTS
46 Goldman Sachs Annual Report 2000