Lockheed Martin 1996 Annual Report Download - page 67

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Report of Ernst & Young LLP,
Independent Auditors
Board of Directors and Stockholders
Lockheed Martin Corporation
We have audited the accompanying consolidated balance sheet of Lockheed Martin Corporation as of December 31, 1996
and 1995, and the related consolidated statements of earnings, stockholders' equity, and cash flows for each of the three years in
the period ended December 31, 1996. These financial statements are the responsibility of the Corporation's management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards 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. An
audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Lockheed Martin Corporation at December 31, 1996 and 1995, and the consolidated results of
its operations and its cash flows for each of the three years in the period ended December 31, 1996, in conformity with generally
accepted accounting principles.
The Corporation changed its method of accounting for Employee Stock Ownership Plans effective January 1, 1994 as
discussed in Note 1 to the consolidated financial statements.
Washington, D.C.
January 20, 1997, except for Note 3,
as to which the date is February 3, 1997
65
Lockheed Martin Corporation