Quest Diagnostics 2003 Annual Report Download - page 70

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Report of Independent Auditors
To the Board of Directors and Stockholders
of Quest Diagnostics Incorporated
In our opinion, the accompanying consolidated financial statements listed in the index appearing under Item
15(a)(1) present fairly, in all material respects, the financial position of Quest Diagnostics Incorporated and its
subsidiaries (the “Company’’) at December 31, 2003 and 2002, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2003 in conformity with accounting
principles generally accepted in the United States of America. In addition, in our opinion, the financial
statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the
information set forth therein when read in conjunction with the related consolidated financial statements. These
financial statements and financial statement schedule are the responsibility of the Company’s management; our
responsibility is to express an opinion on these financial statements and financial statement schedule 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 statements,
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 2 to the financial statements, the Company adopted SFAS No. 142, “Goodwill and
Other Intangible Assets’’ (“SFAS 142’’), which changed the method of accounting for goodwill and other
intangible assets effective January 1, 2002.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Stamford, Connecticut
January 23, 2004
F-1