Avnet 2003 Annual Report Download - page 49
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Please find page 49 of the 2003 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.INDEPENDENT AUDITORS' REPORT
The Board of Directors
Avnet, Inc.
We have audited the accompanying consolidated balance sheets of Avnet, Inc. and subsidiaries (the
Company) as of June 27, 2003 and June 28, 2002, and the related consolidated statements of operations,
shareholders' equity and cash Öows for the years then ended. In connection with our audits of the consolidated
Ñnancial statements, we have also audited the Ñnancial statement schedule for the years ended June 27, 2003
and June 28, 2002 listed in the accompanying index. These consolidated Ñnancial statements and Ñnancial
statement schedule are the responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated Ñnancial statements and Ñnancial statement schedule based on our audits. The
consolidated Ñnancial statements and Ñnancial statement schedule of Avnet, Inc. and subsidiaries for the year
ended June 29, 2001 were audited by other auditors who have ceased operations. Those auditors expressed an
unqualiÑed opinion on those consolidated Ñnancial statements and Ñnancial statement schedule, before the
revisions described in Notes 6 and 16 to the consolidated Ñnancial statements, in their report dated August 14,
2001 based upon their audit and upon the report of other auditors.
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 audit to obtain reasonable assurance about
whether the Ñnancial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An audit also includes
assessing the accounting principles used and signiÑcant estimates made by management, as well as evaluating
the overall Ñnancial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material
respects, the Ñnancial position of Avnet, Inc. and subsidiaries as of June 27, 2003 and June 28, 2002, and the
results of their operations and their cash Öows for the years then ended in conformity with accounting
principles generally accepted in the United States of America. Also, in our opinion, the related Ñnancial
statement schedule for the years ended June 27, 2003 and June 28, 2002, when considered in relation to the
basic consolidated Ñnancial statements taken as a whole, presents fairly, in all material respects, the
information set forth therein.
As discussed above, the consolidated Ñnancial statements and Ñnancial statement schedule of Avnet, Inc.
and subsidiaries for the year ended June 29, 2001 were audited by other auditors who have ceased operations.
As described in Note 6, these consolidated Ñnancial statements have been revised to include the transitional
disclosures required by Statement of Financial Accounting Standards (SFAS) No. 142, Goodwill and Other
Intangible Assets, which was adopted by the Company as of June 30, 2001. In our opinion, the disclosures for
Ñscal year 2001 in Note 6 are appropriate. As described in Note 16, the Company allocated goodwill to its
reportable segments previously presented as corporate assets during the year ended June 27, 2003, and
accordingly, the amounts relating to the Ñscal years ending 2002 and 2001 segment Ñnancial information have
been restated to conform to the Ñscal year 2003 presentation. We audited the adjustments that were applied to
restate the disclosures for reportable segments reÖected in the Ñscal year 2001 consolidated Ñnancial
statements. In our opinion, such adjustments are appropriate and have been properly applied. However, we
were not engaged to audit, review, or apply any procedures to the Ñscal year 2001 consolidated Ñnancial
statements of Avnet, Inc. and subsidiaries other than with respect to such disclosures and, accordingly, we do
not express an opinion or any other form of assurance on the Ñscal year 2001 consolidated Ñnancial statements
taken as a whole.
/s/ KPMG LLP
Phoenix, Arizona
August 7, 2003
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