Proctor and Gamble 2000 Annual Report Download - page 26

The Procter & Gamble Company and Subsidiaries
24 RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Consolidated financial statements and financial information included in this report are the responsibility of Company management. This
includes preparing the statements in accordance with accounting principles generally accepted in the United States and necessarily
includes estimates based on management’s best judgments.
To help insure the accuracy and integrity of Company financial data, management maintains internal controls designed to provide
reasonable assurance that transactions are executed as authorized and accurately recorded and that assets are properly safeguarded.
These controls are monitored by an ongoing program of internal audits. These audits are supplemented by a self-assessment program that
enables individual organizations to evaluate the effectiveness of their controls. Careful selection of employees and appropriate divisions
of responsibility are designed to achieve control objectives. The Company’s “Worldwide Business Conduct Manual” sets forth manage-
ment’s commitment to conduct its business affairs with the highest ethical standards.
Deloitte & Touche, independent public accountants, have audited and reported on the Company’s consolidated financial
statements. Their audits were performed in accordance with auditing standards generally accepted in the United States of America.
The Board of Directors, acting through its Audit Committee composed entirely of outside directors, oversees the adequacy of
internal controls. The Audit Committee meets periodically with representatives of Deloitte & Touche and internal financial management
to review internal control, auditing and financial reporting matters. The independent auditors and the internal auditors also have full and
free access to meet privately with the Audit Committee.
John E. Pepper A.G. Lafley Clayton C. Daley Jr.
Chairman of the Board President and Chief Executive Chief Financial Officer
INDEPENDENT AUDITORS’ REPORT
250 East Fifth Street
Cincinnati, Ohio 45202
To the Board of Directors and Shareholders of The Procter & Gamble Company:
We have audited the accompanying consolidated balance sheets of The Procter & Gamble Company and subsidiaries as of June 30, 2000
and 1999 and the related consolidated statements of earnings, shareholders’ equity and cash flows for each of the three years in the period
ended June 30, 2000. 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 audits 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 financial statements referred to above present fairly, in all material respects, the financial position of
the Company at June 30, 2000 and 1999 and the results of its operations and cash flows for each of the three years in the period ended
June 30, 2000, in conformity with accounting principles generally accepted in the United States of America.
August1, 2000