Rayovac 2002 Annual Report Download - page 64

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50
51
INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Shareholders
Rayovac Corporation:
We have audited the accompanying consolidated balance sheets of Rayovac Corporation and subsidiaries as of September 30, 2001 and 2002, and the
related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period
ended September 30, 2002. 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 in accordance with auditing standards generally accepted in the United States of America. Those standards 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. An audit also includes assessing the accounting
principles used and significant estimates made by management, 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of Rayovac
Corporation and subsidiaries as of September 30, 2001 and 2002, and the results of their operations and their cash flows for each of the years in the
three-year period ended September 30, 2002 in conformity with accounting principles generally accepted in the United States of America.
KPMG LLP
Milwaukee, Wisconsin
November 1, 2002