Goldman Sachs 2003 Annual Report Download - page 69

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GOLDMAN SACHS 2003 ANNUAL REPORT 67
Report of Independent Auditors
To the Board of Directors and Shareholders of
The Goldman Sachs Group, Inc.:
In our opinion, the accompanying consolidated state-
ments of financial condition and the related consolidated
statements of earnings, changes in shareholders’ equity,
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) at November 28, 2003 and November 29,
2002, and the results of their operations and their cash
flows for each of the three fiscal years in the period ended
November 28, 2003, in conformity with accounting prin-
ciples 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 state-
ments 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 misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and dis-
closures 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 pro-
vide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
New York, New York
January 26, 2004