Union Pacific 2001 Annual Report Download - page 58

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32
INDEPENDENT AUDITORS’ REPORT
Union Pacific Corporation, its Directors and Shareholders:
We have audited the accompanying consolidated statements of financial position of Union Pacific Corporation and
Subsidiary Companies (the Corporation) as of December 31, 2001 and 2000, and the related consolidated statements of
income, changes in common shareholders’ equity and cash flows for each of the three years in the period ended December
31, 2001. Our audits also included the consolidated financial statement schedule listed in the Table of Contents at Part
IV, Item 14. These consolidated financial statements and consolidated financial statement schedule are the responsibility
of the Corporation’s management. Our responsibility is to express an opinion on these consolidated financial statements
and consolidated financial statement schedule 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, such consolidated financial statements present fairly, in all material respects, the financial position
of Union Pacific Corporation and Subsidiary Companies at December 31, 2001 and 2000, and the results of their
operations and their cash flows for each of the three years in the period ended December 31, 2001, in conformity with
accounting principles generally accepted in the United States of America. Also, in our opinion, such consolidated
financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.
Omaha, Nebraska
January 24, 2002