Kraft 2001 Annual Report Download - page 62

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Kraft Foods Inc.
56
To the Board of Directors and Shareholders of Kraft Foods Inc.:
In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of earnings, shareholders’
equity and cash flows present fairly, in all material respects,
the consolidated financial position of Kraft Foods Inc. and its
subsidiaries (the “Company”) at December 31, 2001 and 2000, and
the consolidated results of their operations and their cash flows for
each of the three years in the period ended December 31, 2001, 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.
PricewaterhouseCoopers LLP
Chicago, Illinois
January 28, 2002
The consolidated financial statements and all related financial
information herein are the responsibility of the Company. The
financial statements, which include amounts based on judgments,
have been prepared in accordance with generally accepted
accounting principles. Other financial information in the annual
report is consistent with that in the financial statements.
The Company maintains a system of internal controls that
it believes provides reasonable assurance that transactions are
executed in accordance with management’s authorization and
properly recorded, that assets are safeguarded, and that
accountability for assets is maintained. The system of internal
controls is characterized by a control-oriented environment within
the Company, which includes written policies and procedures,
careful selection and training of personnel, and audits by a
professional staff of internal auditors.
PricewaterhouseCoopers LLP, independent accountants, have
audited and reported on the Company’s consolidated financial
statements. Their audits were performed in accordance with
generally accepted auditing standards.
The Audit Committee of the Board of Directors, composed
of four non-employee directors, meets periodically with
PricewaterhouseCoopers LLP, the Company’s internal auditors
and management representatives to review internal accounting
control, auditing and financial reporting matters. Both
PricewaterhouseCoopers LLP and the internal auditors have
unrestricted access to the Audit Committee and may meet
with it without management representatives being present.
Report of Independent Accountants Company Report on Financial Statements