Nordstrom 2000 Annual Report Download - page 42

Cyan Mag Yelo Blk
20100444 Nordstrom
2001 Annual Report • 44pgs. + 4 covers pg. 40
8.375 x 10.875 • PDF • 150 lpi
PMS
5773
PMS
5503
40
NORDSTROM, INC. AND SUBSIDIARIES
Management Report
The accompanying consolidated financial statements,
including the notes thereto, and the other financial
information presented in this Annual Report have been
prepared by management. The financial statements have
been prepared in accordance with accounting principles
generally accepted in the United States of America and
include amounts that are based upon our best estimates and
judgments. Management is responsible for the consolidated
financial statements, as well as the other financial
information in this Annual Report.
The Company maintains an effective system of internal
accounting control. We believe that this system provides
reasonable assurance that transactions are executed in
accordance with management authorization, and that they are
appropriately recorded, in order to permit preparation of
financial statements in conformity with accounting principles
generally accepted in the United States of America and to
adequately safeguard, verify and maintain accountability for
assets. The concept of reasonable assurance is based on the
recognition that the cost of a system of internal control
should not exceed the benefits derived.
The consolidated financial statements and related notes have
been audited by Deloitte & Touche LLP, independent certified
public accountants. The accompanying independent
auditors’ report expresses an independent professional
opinion on the fairness of presentation of management’s
financial statements.
The Audit Committee of the Board of Directors is composed
of the outside directors, and is responsible for recommending
the independent certified public accounting firm to be
retained for the coming year, subject to shareholder approval.
The Audit Committee meets periodically with the
independent auditors, as well as with management and the
internal auditors, to review accounting, auditing, internal
accounting controls and financial reporting matters. The
independent auditors and the internal auditors also meet
privately with the Audit Committee.
Michael G. Koppel
Vice President and Corporate Controller
(Principal Accounting Officer)
Independent Auditors’ Report
We have audited the accompanying consolidated balance
sheets of Nordstrom, Inc. and subsidiaries (the "Company")
as of January 31, 2001 and 2000, and the related
consolidated statements of earnings, shareholders’ equity and
cash flows for each of the three years in the period ended
January 31, 2001. 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 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, the accompanying consolidated financial
statements present fairly, in all material respects, the
financial position of Nordstrom, Inc. and subsidiaries as of
January 31, 2001 and 2000, and the results of their
operations and their cash flows for each of the three years in
the period ended January 31, 2001, in conformity with
accounting principles generally accepted in the United States
of America.
Seattle, Washington
March 21, 2001
Management and Independent Auditors’ Report