Morgan Stanley 1999 Annual Report Download - page 56

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99 AR |page 54 TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
MORGAN STANLEY DEAN WITTER & CO.
We have audited the accompanying consolidated statements of
financial condition of Morgan Stanley Dean Witter & Co. and sub-
sidiaries as of fiscal years ended November 30, 1999 and 1998,
and the related consolidated statements of income, comprehensive
income, cash flows and changes in shareholders’ equity for each of
the three fiscal years in the period ended November 30, 1999.
These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion
on these consolidated 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 signifi-
cant 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 accompanying consolidated financial
statements present fairly, in all material respects, the consoli-
dated financial position of Morgan Stanley Dean Witter & Co. and
subsidiaries at fiscal years ended November 30, 1999 and 1998,
and the consolidated results of their operations and their
cash flows for each of the three fiscal years in the period
ended November 30, 1999, in conformity with generally accepted
accounting principles.
As discussed in Note 2 to the consolidated financial state-
ments, in fiscal 1998, Morgan Stanley Dean Witter & Co. changed its
method of accounting for certain offering costs of closed-end funds.
New York, New York
January 21, 2000
report of independent auditors