Plantronics 2003 Annual Report Download - page 28

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Management’s Report on Responsibility for Financial Reporting
TO OUR STOCKHOLDERS:
The management of Plantronics, Inc. has the responsibility for preparing the accompanying
consolidated financial statements and for their integrity and objectivity. The statements were
prepared in accordance with accounting principles generally accepted in the United States of
America. The consolidated financial statements include amounts that are based on
management’s best estimates and judgments. Management also prepared the other
information in this annual report and is responsible for its accuracy and consistency with the
consolidated financial statements.
We maintain an internal control structure that consists, in part, of organizational arrangements
with clearly defined lines of responsibility and delegation of authority, and comprehensive
systems and control procedures. We believe this structure provides reasonable assurance that
transactions are executed in accordance with management authorization, and that they are
appropriately recorded in order to permit preparation of financial statements in conformity
with generally accepted accounting principles and to adequately safeguard, verify and
maintain accountability of assets. Although no cost-effective internal control system will
preclude all errors and irregularities, we believe our controls as of March 31, 2003 provide
reasonable assurance that the financial statements are reliable and that our assets are
reasonably safeguarded.
To assure the effective administration of internal control, we carefully select and train our
employees, develop and disseminate written policies and procedures, provide appropriate
communication channels, and foster an environment conducive to the effective functioning of
controls. We maintain an active Standards of Conduct program intended to provide that
employees adhere to the highest standards of personal and professional integrity.
The Audit Committee of the Board of Directors consists of three directors who are not
employees and who are, in the opinion of the Board of Directors, free from any relationship
that would interfere with the exercise of independent judgment as an Audit Committee
member. The Audit Committee annually recommends to the Board independent auditors for
appointment, subject to stockholder ratification. Pursuant to stockholder approval at last year’s
annual meeting, PricewaterhouseCoopers LLP was selected as our independent accountants.
Our independent accountants at all times have full and free access to the Audit Committee.
The accounting firm of PricewaterhouseCoopers LLP has performed an independent audit of
our financial statements. Management has made available to PricewaterhouseCoopers LLP all
of the financial records of Plantronics and related data, as well as the minutes of stockholders’
and directors’ meetings. Furthermore, management believes that all representations made to
PricewaterhouseCoopers LLP during its audit were valid and appropriate. The accounting
firm’s report appears below.
Ken Kannappan Barbara Scherer
President and Chief Executive Officer Senior Vice President
Finance and Administration
and Chief Financial Officer
Report of Independent Accountants
TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF PLANTRONICS, INC.
In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of income, of cash flows and of stockholders’ equity present fairly in all material
respects, the financial position of Plantronics, Inc. and its subsidiaries at March 31, 2003 and
2002, and the results of their operations and their cash flows for each of the three years in the
period ended March 31, 2003 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.
PricewaterhouseCoopers LLP
San Jose, California
April 18, 2003