US Bank 2001 Annual Report Download - page 50

Responsibility for Financial Report of Independent
Statements of U.S. Bancorp Accountants
Responsibility for the Ñnancial statements and other To the Shareholders and Board of Directors of U.S. Bancorp:
information presented throughout the Annual Report on In our opinion, the accompanying consolidated balance sheet
Form 10-K rests with the management of U.S. Bancorp. The and the related consolidated statements of income,
Company believes that the consolidated Ñnancial statements shareholders' equity and cash Öows present fairly, in all
have been prepared in conformity with accounting principles material respects, the Ñnancial position of U.S. Bancorp and
generally accepted in the United States and present fairly the its subsidiaries at December 31, 2001 and 2000, and the
substance of transactions based on the circumstances and results of their operations and their cash Öows for each of the
management's best estimates and judgment. All Ñnancial three years in the period ended December 31, 2001, in
information throughout the Annual Report on Form 10-K is conformity with accounting principles generally accepted in
consistent with that in the Ñnancial statements. the United States of America. These Ñnancial statements are
In meeting its responsibilities for the reliability of the financial the responsibility of the Company's management; our
statements, the Company depends on its system of internal responsibility is to express an opinion on these Ñnancial
controls. The system is designed to provide reasonable assurance statements based on our audits. We conducted our audits of
that assets are safeguarded and transactions are executed in these statements in accordance with auditing standards
accordance with the appropriate corporate authorization and generally accepted in the United States of America, which
recorded properly to permit the preparation of the financial require that we plan and perform the audit to obtain
statements. To test compliance, the Company carries out an reasonable assurance about whether the Ñnancial statements
extensive audit program. This program includes a review for are free of material misstatement. An audit includes
compliance with written policies and procedures and a examining, on a test basis, evidence supporting the amounts
comprehensive review of the adequacy and effectiveness of the and disclosures in the Ñnancial statements, assessing the
internal control systems. Although control procedures are accounting principles used and signiÑcant estimates made by
designed and tested, it must be recognized that there are limits management, and evaluating the overall Ñnancial statement
inherent in all systems of internal accounting control and, as presentation. We believe that our audits provide a reasonable
such, errors and irregularities may nevertheless occur. Also, basis for our opinion.
estimates and judgments are required to assess and balance the
relative cost and expected benefits of the controls. The
Company believes that its system of internal controls provides
reasonable assurance that errors or irregularities that could be
material to the financial statements are prevented or would be
detected within a timely period by employees in the normal Minneapolis, Minnesota
course of performing their assigned functions. January 15, 2002
The Board of Directors of the Company has an Audit
Committee composed of directors who are not oÇcers or
employees of U.S. Bancorp. The committee meets periodically
with management, the internal auditors and the independent
accountants to consider audit results and to discuss internal
accounting control, auditing and Ñnancial reporting matters.
The Company's independent accountants,
PricewaterhouseCoopers LLP, have been engaged to render
an independent professional opinion on the Ñnancial
statements and to assist in carrying out certain aspects of the
audit program described above. Their opinion on the Ñnancial
statements is based on procedures conducted in accordance
with auditing standards generally accepted in the United States
and forms the basis for their report as to the fair
presentation, in the Ñnancial statements, of the Company's
Ñnancial position, operating results and cash Öows.
Jerry A. Grundhofer David M. MoÅett
President and Vice Chairman and
Chief Executive OÇcer Chief Financial OÇcer
U.S. Bancorp
48