Honeywell 2002 Annual Report Download - page 280

MANAGEMENT'S RESPONSIBILITY
FOR FINANCIAL STATEMENTS
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The consolidated financial statements of Honeywell International Inc. and
subsidiaries are the responsibility of the Company's management and have been
prepared in accordance with generally accepted accounting principles in the
United States of America. Management is responsible for the integrity and
objectivity of the financial statements, including estimates and judgments
reflected in them, and fulfills this responsibility primarily by establishing
and maintaining accounting systems and practices supported by internal controls.
Our internal controls are designed to provide reasonable assurance as to the
integrity and reliability of our consolidated financial statements and to
adequately safeguard, verify and maintain accountability of assets. Our internal
controls include disclosure controls and procedures designed to ensure timely,
accurate and complete disclosure. These internal controls are based on
established written policies and procedures, are implemented by trained and
skilled personnel, and are monitored and evaluated by management.
PricewaterhouseCoopers LLP, independent accountants, are retained to audit
Honeywell International Inc.'s consolidated financial statements. Their
accompanying report is based on an audit conducted in accordance with auditing
standards generally accepted in the United States of America, which include the
consideration of the Company's internal controls to establish the basis for
determining the nature, timing and extent of audit tests to be applied.
Our Board of Directors exercises its responsibility for these financial
statements through its Audit Committee, which consists entirely of independent,
non-employee Directors. The Audit Committee meets regularly with the independent
auditors and with the Company's internal auditors, both privately and with
management present, to review accounting, auditing, internal control and
financial reporting matters.
/s/ David M. Cote /s/ Richard F. Wallman
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David M. Cote Richard F. Wallman
Chairman and Chief Senior Vice President and
Executive Officer Chief Financial Officer
REPORT OF INDEPENDENT ACCOUNTANTS
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TO THE BOARD OF DIRECTORS AND SHAREOWNERS OF
HONEYWELL INTERNATIONAL INC.
In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of operations, of shareowners' equity and of cash flows
present fairly, in all material respects, the financial position of Honeywell
International Inc. and its subsidiaries at December 31, 2002 and 2001, and the
results of their operations and their cash flows for each of the three years in
the period ended December 31, 2002 in conformity with accounting 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 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 misstatement. 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.
As discussed in Note 1 to the consolidated financial statements, on January 1,
2002, the Company adopted the provisions of Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets."
/s/ Pricewaterhouse Coopers LLP
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PricewaterhouseCoopers LLP
Florham Park, New Jersey
February 6, 2003
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