Tyson Foods 2002 Annual Report Download - page 58

report of
independent
auditors
p 56
Board of Directors and Shareholders
We have audited the accompanying consolidated balance sheets of Tyson Foods, Inc., as of September 28, 2002 and September 29,
2001, and the related consolidated statements of income, shareholders’ equity and cash flows for each of the three years in the period
ended September 28, 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. 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 financial statements referred to above present fairly in all material respects, the consolidated financial position
of Tyson Foods, Inc., at September 28, 2002, and September 29, 2001, and the consolidated results of its operations and its cash flows
for each of the three years in the period ended September 28, 2002, in conformity with accounting principles generally accepted in
the United States.
Little Rock, Arkansas
November 11, 2002
The management of Tyson Foods, Inc., (the Company) has the responsibility of preparing the accompanying financial statements
and is responsible for their integrity and objectivity. The statements were prepared in conformity with accounting principles generally
accepted in the United States applied on a consistent basis. Such financial statements are necessarily based, in part, on best estimates
and judgments.
The Company maintains a system of internal accounting controls, and a program of internal auditing designed to provide reasonable
assurance that the Company’s assets are protected and that transactions are executed in accordance with proper authorization, and
are properly recorded. This system of internal accounting controls is continually reviewed and modified in response to changing business
conditions and operations and to recommendations made by the independent auditors and the internal auditors. The Company has
a code of conduct and an experienced full-time compliance officer. The management of the Company believes that the accounting
and control systems provide reasonable assurance that assets are safeguarded and financial information is reliable.
The Audit Committee of the Board of Directors meets regularly with the Company’s financial management and counsel, with
the Company’s internal auditors, and with the independent auditors engaged by the Company. These meetings include discussions
of internal accounting controls and the quality of financial reporting. The Audit Committee has discussed with the independent auditors
matters required to be discussed by Statement of Auditing Standards No. 61 (Communication with Audit Committees). In addition,
the Committee has discussed with the independent auditors, the auditors’ independence from the Company and its management,
including the matters in the written disclosures required by the Independence Standards Board Standard No. 1 (Independence
Discussions with Audit Committees). The independent auditors and the Internal Audit Department have free and independent access
to the Audit Committee to discuss the results of their audits or any other matters relating to the Company’s financial affairs.
Ernst & Young LLP, independent auditors, have audited the accompanying consolidated financial statements.
November 11, 2002
John Tyson Steven Hankins
Chairman of the Board and Chief Executive Officer Executive Vice President and Chief Financial Officer
Tyson Foods, Inc. 2002 annual report
report of
management