North Face 2000 Annual Report Download - page 23

To the Board of Directors and Shareholders
VF Corporation
In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of income, comprehensive
income, cash flows and common shareholders’ equity present fairly,
in all material respects, the financial position of VF Corporation
and its subsidiaries at December 30, 2000 and January 1, 2000,
and the results of their operations and their cash flows for each
of the three fiscal years in the period ended December 30, 2000,
in conformity with accounting principles generally accepted in
the United States of America. These financial statements 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 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 discussed in Note A to the financial statements, the Company
changed its accounting policy for recognizing revenue in 2000.
PricewaterhouseCoopers LLP
Greensboro, North Carolina
February 1, 2001
2121
Management’s Responsibility for
Financial Statements
Report of Independent Accountants
Management of VF Corporation has prepared the accompanying
financial statements and is responsible for their content. We believe
the statements accurately report the financial position and operat-
ing results of the Company, on a basis consistent with generally
accepted accounting principles and management’s best estimates
and judgments. Other financial information in this report is con-
sistent with these financial statements.
Management has established an internal control process which
we believe reasonably assures that assets are safeguarded, information
is fairly reported, applicable laws and regulations are complied with
and operations are conducted on an effective and efficient basis.
Inherent in all internal control processes are limitations based on
the recognition that the costs of such processes should be related to
the benefits to be derived. The internal control process is routinely
challenged by management, the independent auditors and our
internal audit staff to determine whether the internal control process
continues to function effectively. Significant auditor recommenda-
tions have been reviewed and adopted when appropriate.
The Audit Committee of the Board of Directors meets period-
ically with the independent and internal auditors to discuss the
scope and findings of audit work performed, the impact of financial
reporting issues and the effectiveness of the internal control process.
The independent auditors and internal auditors have full access to
the Committee, with and without the presence of management,
to discuss any appropriate matters.
Mackey J. McDonald
Chairman, President and Chief Executive Officer
Robert K. Shearer
Vice President – Finance and
Chief Financial Officer
Robert A. Cordaro
Vice President – Controller and
Chief Accounting Officer