Goldman Sachs 2001 Annual Report Download - page 48

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page 46
GOLDMAN SACHS ANNUAL REPORT 2001
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
The Goldman Sachs Group, Inc.:
In our opinion, the accompanying consolidated statements of
financial condition and the related consolidated statements of
earnings, changes in shareholders’ equity and partners’ capital,
cash flows and comprehensive income present fairly, in all mate-
rial respects, the financial position of The Goldman Sachs Group,
Inc. and its Subsidiaries (the Company) as of November 30,
2001 and November 24, 2000, and the results of their opera-
tions and their cash flows for each of the three fiscal years in the
period ended November 30, 2001, in conformity with account-
ing principles 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 state-
ments are free of material misstatement. An audit includes exam-
ining, 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.
PricewaterhouseCoopers LLP
New York, New York
January 28, 2002