EMC 2003 Annual Report Download - page 35

Management is responsible for the preparation, integrity and fair presentation of the consolidated financial statements of EMC Corporation (the
"Company").
We maintain a system of internal control over financial reporting that is designed to provide reasonable assurance that transactions are executed as
authorized and accurately recorded, assets are safeguarded and accounting records are sufficiently reliable to permit the preparation of financial statements
that conform with accounting principles generally accepted in the United States of America. We maintain disclosure controls and procedures designed to
ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in applicable rules and forms of the Securities and Exchange Commission. We monitor these
internal controls over financial reporting and disclosure controls and procedures through self-assessments and an ongoing program of internal audits.
Employee responsibilities are reinforced through the Company's Code of Ethics (the EMC Corporation Business Conduct Guidelines), which provides that
employees are to act with integrity and in accordance with all applicable laws and Company policies.
Joseph M. Tucci
President and Chief Executive Officer
William J. Teuber, Jr.
Executive Vice President and Chief Financial Officer
50
REPORT OF INDEPENDENT AUDITORS
To the Stockholders and the
Board of Directors of EMC Corporation:
In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of
EMC Corporation and its subsidiaries (the "Company") at December 31, 2003 and 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 accounting principles generally accepted in the United States of America. In addition,
in our opinion, the financial statement schedule listed in the accompanying index present fairly, in all material respects, the information set forth therein when
read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of the
Company's management; our responsibility is to express an opinion on these financial statements and financial statement schedule 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 evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As described in Note B to the consolidated financial statements, the Company changed its method of accounting for goodwill and other intangible assets
upon adoption of Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets, on January 1, 2002.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 2, 2004
51
EMC CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
December 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $ 1,869,426 $1,686,598
Short-term investments 928,248 864,743
Accounts and notes receivable, less allowance for doubtful accounts of $39,482 and $50,551 952,421 881,325
Inventories 514,015 437,805
Deferred income taxes 271,746 250,197
Other current assets 151,448 96,580
Total current assets 4,687,304 4,217,248
Long-term investments 4,109,911 3,134,290