Avnet 2003 Annual Report Download - page 51
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Please find page 51 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.THE REPORT PRESENTED BELOW IS A COPY OF THE INDEPENDENT AUDITORS' REPORT OF
ARTHUR ANDERSEN LLP, THE FORMER AUDITOR FOR AVNET, INC., ISSUED ON AUGUST 14,
2001. ARTHUR ANDERSEN LLP HAS BEEN UNABLE TO ISSUE AN UPDATED REPORT. ADDI-
TIONALLY, THE OPINION PRESENTED BELOW COVERS THE BALANCE SHEET AS OF JUNE 29,
2001 AND JUNE 30, 2000 AND THE STATEMENTS OF OPERATIONS, SHAREHOLDERS' EQUITY
AND CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2000 AND JULY 2, 1999, WHICH
STATEMENTS ARE NOT INCLUDED IN THIS REPORT ON FORM 10-K.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Avnet, Inc.
We have audited the accompanying consolidated balance sheets of Avnet, Inc. (a New York corpora-
tion) and Subsidiaries as of June 29, 2001 and June 30, 2000, and the related consolidated statements of
income, shareholders' equity and cash Öows for each of the three years in the period ended June 29, 2001.
These Ñnancial statements and the schedule referred to below are the responsibility of the Company's
management. Our responsibility is to express an opinion on these Ñnancial statements based on our audits. We
did not audit the Ñnancial statements of Kent Electronics Corporation and Subsidiaries, a company acquired
during 2001 in a transaction accounted for as a pooling-of-interests, as discussed in Note 1. Such statements
are included in the consolidated Ñnancial statements of Avnet, Inc. and reÖect 12 percent of total consolidated
assets as of June 30, 2000 and 6 percent, 7 percent and 7 percent of total consolidated revenues for the years
ended June 29, 2001, June 30, 2000 and July 2, 1999, respectively. These statements were audited by other
auditors whose report has been furnished to us, and our opinion, insofar as it relates to amounts included for
Kent Electronics Corporation and Subsidiaries, is based solely upon the report of the other auditors.
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
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 and the report of the other auditors provide a
reasonable basis for our opinion.
In our opinion, based on our audits and the report of the other auditors, the Ñnancial statements referred
to above present fairly, in all material respects, the Ñnancial position of Avnet, Inc. and Subsidiaries as of
June 29, 2001 and June 30, 2000, and the results of their operations and their cash Öows for each of the three
years in the period ended June 29, 2001 in conformity with accounting principles generally accepted in the
United States.
Our audits were made for the purpose of forming an opinion on the basic Ñnancial statements taken as a
whole. The schedule listed in the index of Ñnancial statement schedules is presented for purposes of complying
with the Securities and Exchange Commission's rules and is not part of the basic Ñnancial statements. This
schedule has been subjected to the auditing procedures applied in the audits of the basic Ñnancial statements
and, in our opinion, based on our audits and the report of the other auditors, fairly states in all material
respects the Ñnancial data required to be set forth therein in relation to the basic Ñnancial statements taken as
a whole.
/s/ ARTHUR ANDERSEN LLP
Phoenix, Arizona
August 14, 2001
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