ComEd 2003 Annual Report Download - page 81

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79Report of Independent Auditors
EXELON CORPORATION AND SUBSIDIARY COMPANIES
To the Shareholders and Board of Directors of
Exelon Corporation:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, cash flows
and changes in shareholders’ equity and comprehensive income present fairly, in all material respects, the financial position of
Exelon Corporation and Subsidiary Companies (Exelon) at December 31, 2003 and December 31, 2002, and the results of their
operations and their cash flows for each of the three years in the period ended December 31, 2003 in conformity with account-
ing principles generally accepted in the United States of America. These financial statements are the responsibility of Exelon’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 auditing standards generally accepted in the United States of America, which
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, assessing the accounting principles used and significant estimates made by management, and evaluat-
ing the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 to the consolidated financial statements, Exelon changed its method of accounting for derivative instru-
ments and hedging activities as of January 1, 2001, its method of accounting for goodwill as of January 1, 2002, its method of
accounting for asset retirement obligations as of January 1, 2003 and its method of accounting for variable interest entities in
2003.
Chicago, Illinois
January 28, 2004