Federal Express 2001 Annual Report Download - page 35

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33
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Stockholders of FedEx Corporation:
We have audited the accompanying consolidated balance
sheets of FedEx Corporation (a Delaware corporation) and
subsidiaries as of May 31, 2001 and 2000, and the related consoli-
dated statements of income, changes in stockholders’ invest-
ment and comprehensive income and cash flows for each of the
three years in the period ended May 31, 2001. These financial
statements are the responsibility of FedEx’s management. Our
responsibility is to express an opinion on these financial state-
ments 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 reasonable assur-
ance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evi-
dence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presenta-
tion. 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 FedEx
Corporation as of May 31, 2001 and 2000, and the results of its
operations and its cash flows for each of the three years in the
period ended May 31, 2001, in conformity with accounting princi-
ples generally accepted in the United States.
Memphis, Tennessee
June 27, 2001