Neiman Marcus 2002 Annual Report Download - page 36

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INDEPENDENT AUDITORS' REPORT
Board of Directors and Shareholders
The Neiman Marcus Group, Inc.
Dallas, Texas
We have audited the accompanying consolidated balance sheets of The Neiman Marcus Group, Inc. and subsidiaries as of August 2,
2003 and August 3, 2002, and the related consolidated statements of earnings, cash flows, and shareholders' equity for each of the
three years in the period ended August 2, 2003. These financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on the financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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, such consolidated financial statements present fairly, in all material respects, the financial position of The Neiman
Marcus Group, Inc. and subsidiaries as of August 2, 2003 and August 3, 2002, and the results of their operations and their cash flows
for each of the three years in the period ended August 2, 2003, in conformity with accounting principles generally accepted in the
United States of America.
The Company changed its method of accounting for goodwill and other intangible assets upon adoption of Statement of Financial
Accounting Standards No. 142, "Goodwill and Other Intangible Assets," for the year ended August 2, 2003, as discussed in Note 3 to
the consolidated financial statements.
/s/DELOITTE & TOUCHE LLP
Dallas, Texas
September 18, 2003
F-2