North Face 2002 Annual Report Download - page 41

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Management’s Responsibility for
Financial Statements
Management of VF Corporation has prepared the accompanying financial statements and is responsible for their
content. We believe the statements accurately report the financial position and operating results of the Company,
on a basis consistent with generally accepted accounting principles and management’s best estimates and judg-
ments. Other financial information in this report is consistent with these financial statements.
Management has established an internal control process which we believe reasonably assures that assets are
safeguarded, information is fairly reported, applicable laws and regulations are complied with and operations are
conducted on an effective and efficient basis. Inherent in all internal control processes are limitations based on
the recognition that the costs of such processes should be related to the benefits to be derived. The internal con-
trol process is routinely challenged by management, the independent auditors and our internal audit staff to deter-
mine whether the internal control process continues to function effectively. Significant auditor recommendations
have been reviewed and adopted when appropriate.
The Audit Committee of the Board of Directors meets periodically with the independent and internal auditors
to discuss the scope and findings of audit work performed, the selection and disclosure of critical accounting
policies, the impact of financial reporting matters and the effectiveness of the internal control process. The
independent auditors and internal auditors have full access to the Committee, with and without the presence
of management, to discuss any appropriate matters.
Mackey J. McDonald
Chairman, President and
Chief Executive Officer
Report of Independent Accountants
To the Board of Directors and Shareholders
VF Corporation
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income,
comprehensive income, cash flows and common shareholders’ equity present fairly, in all material respects, the
financial position of VF Corporation and its subsidiaries at January 4, 2003 and December 29, 2001, and the
results of their operations and their cash flows for each of the three fiscal years in the period ended January 4,
2003, in conformity with accounting principles generally accepted in the United States of America. 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 of these statements in accordance with
auditing standards generally accepted in the United States of America, which 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 state-
ments, assessing the accounting principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note A to the consolidated financial statements, the Company changed its accounting policy
for goodwill amortization in 2002.
PricewaterhouseCoopers LLP
Greensboro, North Carolina
February 6, 2003
Robert K. Shearer
Vice President – Finance & Global
Processes and Chief Financial Officer
Robert A. Cordaro
Vice President – Controller and
Chief Accounting Officer