Equifax 2001 Annual Report Download - page 57

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55
Equifax
Report of Independent Public Accountants
and Report of M anagement
REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
To Equifax Inc.
We have audited the accompanying consoli-
dated balance sheets of Equifax Inc. (a Georgia
corporation) and subsidiaries as of December 31,
2001 and 2000, and the related consolidated
statements of income, changes in shareholders’
equity and comprehensive income, and cash
flows for each of the three years in the period
ended December 31, 2001. These financial state-
ments 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 in accordance with
auditing standards generally accepted in the
United States. Those standards require that we
plan and perform the audit to obtain reason-
able assurance about whether the financial
statements are free of material misstatement.
An audit includes examining, on a test basis,
evidence supporting the amounts and disclo-
sures in the financial statements. An audit also
includes assessing the accounting principles
used and significant estimates made by man-
agement, as well as evaluating the overall
financial statement presentation. We believe
that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred
to above present fairly, in all material respects,
the financial position of Equifax Inc. and sub-
sidiaries as of December 31, 2001 and 2000, and
the results of their operations and their cash
flows for each of the three years in the period
ended December 31, 2001in conformity with
accounting principles generally accepted in
the United States.
Atlanta, Georgia
February 13, 2002
REPORT OF M ANAGEM ENT
The consolidated financial statements presented
in this report, which were prepared by the
Company, are based on generally accepted
accounting principles applied on a consistent
basis and are considered by management to
reflect the financial position of the Company at
December 31, 2001 and 2000, and the results of
operations and cash flows for each of the three
years in the period ended December 31, 2001.
The integrity and objectivity of the data in these
financial statements, including estimates and
judgments relating to matters not concluded by
year-end, are the responsibility of manage-
ment. The Company and its subsidiaries main-
tain accounting systems and related controls,
including a detailed budget and reporting sys-
tem, to provide reasonable assurance that
financial records are reliable for preparing the
consolidated financial statements and for main-
taining accountability of assets. The system of
controls also provides assurance that assets
are safeguarded against loss from unautho-
rized use or disposition and that transactions
are executed in accordance with management’s
authorization. Periodic reviews of the systems
and controls are performed by the Company’s
internal auditors.
The system of controls includes the careful
selection of people, a division of responsibility
consistent with cost effectiveness, and the
application of formal policies and procedures
that are consistent with good standards of
accounting and administrative practices.
Philip J. Mazzilli
Executive Vice President
and Chief Financial Officer