Kodak 2000 Annual Report Download - page 42

Management is responsible for the preparation and integrity of
the consolidated financial statements and related notes which
appear on pages 42 through 63. These financial statements have
been pre p a red in accordance with accounting principles gen-
erally accepted in the United States of America, and include
c e rtain amounts that are based on management’s best estimates
and judgments.
The Company’s accounting systems include extensive inter-
nal controls designed to provide reasonable assurance of the
reliability of its financial re c o rds and the proper safeguarding and
use of its assets. Such controls are based on established policies
and pro c e d u res, are implemented by trained, skilled personnel
with an appropriate segregation of duties, and are monitore d
t h rough a comprehensive internal audit program. The Company’s
policies and pro c e d u res prescribe that the Company and all
employees are to maintain the highest ethical standards and that
its business practices throughout the world are to be conducted
in a manner which is above re p ro a c h .
The consolidated financial statements have been audited by
P r i c e w a t e rhouseCoopers LLP, independent accountants, who
w e re responsible for conducting their audits in accordance with
auditing standards generally accepted in the United States of
America. Their resulting re p o rt follows.
The Board of Directors exercises its responsibility for these
financial statements through its Audit Committee, which consists
e n t i rely of non-management Board members. The independent
accountants and internal auditors have full and free access to the
Audit Committee. The Audit Committee meets periodically with
the independent accountants and the Director of Corporate
Auditing, both privately and with management present, to discuss
accounting, auditing and financial re p o rting matters.
Chief Financial Off i c e r, and C h a i rman, President and
Executive Vice Pre s i d e n t Chief Executive Off i c e r
J a n u a ry 15, 2001 J a n u a ry 15, 2001
In our opinion, the accompanying consolidated financial state-
ments appearing on pages 42 through 63 of this Annual Report
p resent fairly, in all material respects, the financial position of
Eastman Kodak Company and subsidiary companies (Kodak) at
December 31, 2000 and 1999, and the results of their operations
and their cash flows for each of the three years in the period
ended December 31, 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 man-
agement; 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 standard s
generally accepted in the United States of America, which re q u i re
that we plan and perf o rm the audit to obtain reasonable assur-
ance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evi-
dence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and signif-
icant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits pro-
vide a reasonable basis for the opinion expressed above.
R o c h e s t e r, New Yo r k
J a n u a ry 15, 2001
M a n a g e m e n t ’s Responsibility
for Financial Statements R e p o rt of Independent Accountants
To the Board of Directors and Shareholders of Eastman Kodak
C o m p a n y