Kodak 2002 Annual Report Download - page 39

Financials
39
Management is responsible for the preparation and integrity of
the consolidated financial statements and related notes that
appear on pages 40 through 77. These financial statements have
been prepared in accordance with accounting principles generally
accepted in the United States of America, and include certain
amounts that are based on management’s best estimates and
judgments.
The Company’s accounting systems include extensive internal
controls designed to provide reasonable assurance of the
reliability of its financial records and the proper safeguarding and
use of its assets. Such controls are based on established policies
and procedures, are implemented by trained, skilled personnel
with an appropriate segregation of duties, and are monitored
through a comprehensive internal audit program. The Company’s
policies and procedures 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 that is above reproach.
The consolidated financial statements have been audited by
PricewaterhouseCoopers LLP, independent accountants, who were
responsible for conducting their audits in accordance with
auditing standards generally accepted in the United States of
America. Their resulting report follows.
The Board of Directors exercises its responsibility for these
financial statements through its Audit Committee, which consists
entirely 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 reporting matters.
Chief Financial Officer, and
Executive Vice President
March 13, 2003
Chairman & Chief Executive Officer,
President & Chief Operating Officer
March 13, 2003
To the Board of Directors and Shareholders
of Eastman Kodak Company
In our opinion, the accompanying consolidated financial
statements on pages 40 through 77 of this Annual Report present
fairly, in all material respects, the financial position of Eastman
Kodak Company and subsidiary companies (the Company) 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, the Company adopted Statement of Financial
Accounting Standards No. 142, “Goodwill and Other Intangible
Assets,” and No. 144, “Accounting for the Impairment or Disposal
of Long-Lived Assets,” on January 1, 2002.
PricewaterhouseCoopers LLP
Rochester, New York
March 13, 2003
Management’s Responsibility
for Financial Statements Report of Independent Accountants