Xerox 2004 Annual Report Download - page 92

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90
To the Board of Directors and Shareholders of
Xerox Corporation:
We have completed an integrated audit of Xerox
Corporation’s 2004 consolidated financial statements
and of its internal control over financial reporting as
of December 31, 2004 and audits of its 2003 and 2002
consolidated financial statements in accordance with
the standards of the Public Company Accounting
Oversight Board (United States). Our opinions, based
on our audits, are presented below.
Consolidated financial statements
In our opinion, the accompanying consolidated
balance sheets and the related consolidated statements
of income, cash flows and common shareholders’ equity
present fairly, in all material respects, the financial
position of Xerox Corporation and its subsidiaries at
December 31, 2004 and 2003, and the results of their
operations and their cash flows for each of the three
years in the period ended December 31, 2004 in con-
formity 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 the standards of the Public Company
Accounting Oversight Board (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 of financial statements 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 1, the Company adopted
the provisions of Statement of Financial Accounting
Standards No. 142, “Goodwill and Other Intangible
Assets” on January 1, 2002.
Report of Independent Registered
Public Accounting Firm