US Bank 2002 Annual Report Download - page 63

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Responsibility for Financial Report of
Statements of U.S. Bancorp Independent Accountants
Responsibility for the financial statements and other To the Shareholders and Board of Directors of
information presented throughout the Annual Report on U.S. Bancorp:
Form 10-K rests with the management of U.S. Bancorp. The In our opinion, the accompanying consolidated balance
Company believes that the consolidated financial statements sheet and the related consolidated statements of income,
have been prepared in conformity with accounting shareholders’ equity and cash flows present fairly, in all
principles generally accepted in the United States and material respects, the financial position of U.S. Bancorp and
present fairly the substance of transactions based on the its subsidiaries at December 31, 2002 and 2001, and the
circumstances and management’s best estimates and results of their operations and their cash flows for each of
judgment. All financial information throughout the Annual the three years in the period ended December 31, 2002, in
Report on Form 10-K is consistent with that in the conformity with accounting principles generally accepted in
financial statements. the United States of America. These financial statements are
In meeting its responsibilities for the reliability of the financial the responsibility of the Company’s management; our
statements, the Company depends on its system of internal responsibility is to express an opinion on these financial
controls. The system is designed to provide reasonable statements based on our audits. We conducted our audits of
assurance that assets are safeguarded and transactions are these statements in accordance with auditing standards
executed in accordance with the appropriate corporate generally accepted in the United States of America, which
authorization and recorded properly to permit the preparation require that we plan and perform the audit to obtain
of the financial statements. To test compliance, the Company reasonable assurance about whether the financial statements
carries out an extensive audit program. This program includes are free of material misstatement. An audit includes
a review for compliance with written policies and procedures examining, on a test basis, evidence supporting the amounts
and a comprehensive review of the adequacy and effectiveness and disclosures in the financial statements, assessing the
of the internal control systems. Although control procedures accounting principles used and significant estimates made by
are designed and tested, it must be recognized that there are management, and evaluating the overall financial statement
limits inherent in all systems of internal accounting control presentation. We believe that our audits provide a
and, as such, errors and irregularities may nevertheless occur. reasonable basis for our opinion.
Also, estimates and judgments are required to assess and As discussed in Note 12 of the Notes to Consolidated
balance the relative cost and expected benefits of the controls. Financial Statements, in 2002 the Company adopted the
The Company believes that its system of internal controls provisions of Statement of Financial Accounting Standards
provides reasonable assurance that errors or irregularities that No. 142, ‘‘Goodwill and Other Intangible Assets.’’
could be material to the financial statements are prevented or
would be detected within a timely period by employees in the
normal course of performing their assigned functions.
The Board of Directors of the Company has an Audit
Committee composed of directors who are not officers or
employees of U.S. Bancorp. The committee meets Minneapolis, Minnesota
periodically with management, the internal auditors and the January 21, 2003, except for Note 3, as to which the date is
independent accountants to consider audit results and to February 19, 2003
discuss internal accounting control, auditing and financial
reporting matters.
The Company’s independent accountants,
PricewaterhouseCoopers LLP, have been engaged to render
an independent professional opinion on the financial
statements and to assist in carrying out certain aspects of the
audit program described above. Their opinion on the
financial statements is based on procedures conducted in
accordance with auditing standards generally accepted in the
United States and forms the basis for their report as to the
fair presentation, in the financial statements, of the
Company’s financial position, operating results and
cash flows.
Jerry A. Grundhofer David M. Moffett
Chairman, President and Vice Chairman and
Chief Executive Officer Chief Financial Officer
U.S. Bancorp 61