Unilever 2003 Annual Report Download - page 75

Report of independent auditors
Report of the independent auditors to the members
of Unilever N.V. and Unilever PLC
We have audited the accounts, which have been prepared under
the historical cost convention, set out on pages 73 to 125, 131 to
147 and 149 to 150. We have also audited the auditable part of
the Directors’ Remuneration Report as set out on page 68.
Respective responsibilities of Directors and auditors
As described on page 71, the Directors are responsible
for preparing the Annual Report & Accounts and Form 20-F.
This includes responsibility for preparing the accounts in
accordance with applicable Netherlands and United Kingdom law
and United Kingdom accounting standards. Our responsibility is to
audit the accounts and the auditable part of the Directors’
Remuneration Report in accordance with applicable law, auditing
standards and listing rules in the Netherlands and United
Kingdom.
We report to you our opinion as to whether the accounts give a
true and fair view and are properly prepared in accordance with
Title 9, Book 2 of the Civil Code in the Netherlands and the
United Kingdom Companies Act 1985. We also report to you
whether the auditable part of the Directors’ Remuneration
Report is properly prepared in accordance with the applicable
requirements in the Netherlands and the United Kingdom. We
would also report to you if, in our opinion, the Directors’ Report
was not consistent with the accounts, if proper accounting
records had not been kept, if we had not received all the
information and explanations we require for our audit, or if
information required regarding Directors’ remuneration and
transactions were not disclosed.
We read the other information contained in the Annual Report
& Accounts and Form 20-F and consider the implications for our
audit report if we become aware of any apparent misstatements
or material inconsistencies with the accounts.
As auditors of Unilever PLC, we review whether the statement
on page 50 reflects the Company’s compliance with the seven
provisions of the Combined Code (issued in June 1998) specified
for our review by the Listing Rules of the United Kingdom’s
Financial Services Authority and we report if it does not. We are
not required to consider whether the Directors’ statements on
internal control cover all risks and controls or to form an opinion
on the effectiveness of the Group’s corporate governance
procedures or its risk and control procedures.
Basis of audit opinion
We conducted our audit in accordance with auditing standards
generally accepted in the Netherlands, the United Kingdom and
the United States. An audit includes an examination, on a test
basis, of evidence relevant to the amounts and disclosures in the
accounts and the auditable part of the Directors’ Remuneration
Report. It also includes an assessment of the significant estimates
and judgements made by the Directors in the preparation of the
accounts, and of whether the accounting policies are appropriate
to the Group’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable
assurance that the accounts and the auditable part of the
Directors’ Remuneration Report are free from material
misstatement, whether caused by fraud or other irregularity
or error. In forming our opinion, we also evaluated the overall
adequacy of the presentation of information in the accounts and
the auditable part of the Directors’ Remuneration Report.
Netherlands and United Kingdom opinion
In our opinion, the accounts give a true and fair view of the state
of affairs of the Unilever Group, Unilever N.V. and Unilever PLC at
31 December 2003 and of the profit and cash flows of the Group
for the year then ended. In our opinion the accounts of the
Unilever Group, and of Unilever N.V. and Unilever PLC
respectively, have been properly prepared in accordance with Title
9, Book 2 of the Civil Code in the Netherlands and the United
Kingdom Companies Act 1985. In our opinion, the auditable part
of the Directors’ Remuneration Report has been properly prepared
in accordance with the applicable requirements in the Netherlands
and the United Kingdom.
United States opinion
In our opinion, the accounts present fairly, in all material respects,
the financial position of the Unilever Group at 31 December 2003
and 2002, and the results of its operations, total recognised gains
and its cash flows for each of the three years in the period ended
31 December 2003, in accordance with the accounting
information and policies on pages 73 to 75.
The accounting principles applied vary in certain significant
respects from accounting principles generally accepted
in the United States. The effect of the major differences in the
determination of net profit and capital and reserves is shown on
pages 131 and 132.
As discussed in note 17 and in note 29 to the consolidated
accounts, the Group changed its method of accounting for
pensions and share options in 2003. The change has been
accounted for by restating comparative information at
31 December 2002 and 2001, and for the years then ended.
PricewaterhouseCoopers Accountants N.V.
Rotterdam, The Netherlands
As auditors of Unilever N.V.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London, England
As auditors of Unilever PLC
2 March 2004
72 Unilever Annual Report & Accounts and Form 20-F 2003