Nordstrom 2001 Annual Report Download - page 39

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20200324 NORDSTROM
2001 Annual Report • VERSION
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NORDSTROM INC. AND SUBSIDIARIES 37
Independent Auditors’ Report
We have audited the accompanying consolidated balance
sheets of Nordstrom, Inc. and subsidiaries (the “Company”)
as of January 31, 2002 and 2001, and the related consolidated
statements of earnings, shareholders’ equity and cash flows for
each of the three years in the period ended January 31, 2002.
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, 2002
and 2001, and the results of their operations and their cash flows
for each of the three years in the period ended January 31, 2002,
in conformity with accounting principles generally accepted in the
United States of America.
Deloitte & Touche LLP
Seattle, Washington
March 25, 2002
Management Report
Management is responsible for preparing the Company’s
financial statements and the other information that appears
in the annual report. The financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America and include estimates
based on management’s best judgment.
The Company maintains a comprehensive system of internal
controls and procedures designed to provide reasonable
assurance that assets are safeguarded and transactions are
executed in accordance with established procedures.
The concept of reasonable assurance is based on the recognition
that the cost of maintaining the system of internal accounting
controls should not exceed the benefit derived from the system.
Deloitte and Touche LLP audits the Company’s financial
statements in accordance with auditing standards generally
accepted in the United States of America and provides an
objective, independent review of the Company’s internal controls
and the fairness of its reported financial condition and results
of operations.
The Audit Committee, which is comprised of five independent
directors, meets periodically with management and the
independent auditors to ensure that each is properly fulfilling its
responsibilities. The Committee oversees the Company’s systems
of internal control, accounting practices, financial reporting and
audits to ensure their quality, integrity and objectivity are
sufficient to protect shareholders’ investments.
Michael G. Koppel
Executive Vice President and Chief Financial Officer
Independent Auditors’ and Management Report