World Fuel Services 2002 Annual Report Download - page 41

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Stockholders and Board of Directors
of World Fuel Services Corporation:
In our opinion, the consolidated financial statements listed in the accompanying index appearing under item 15(a)(1) on page
31 present fairly, in all material respects, the financial position of World Fuel Services Corporation and subsidiaries (the
“Company”) at December 31, 2002 and March 31, 2002, and the results of their operations and their cash flows for the nine
months ended December 31, 2002 and for the year ended March 31, 2002, 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.
As discussed in Note 1 to the consolidated financial statements, pursuant to the adoption of Statement of Financial
Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets,” the Company changed its method of
accounting for goodwill effective April 1, 2001. In addition, as discussed in Note 5, pursuant to the adoption of the
accounting provision of SFAS No. 123, “Accounting for Stock-Based Compensation,” as amended by SFAS No. 148,
“Accounting for Stock-Based Compensation – Transition and Disclosure, an amendment of FASB Statement No. 123,”
effective April 1, 2002, the Company changed its accounting for the fair value of prospectively granted options.
/s/ PricewaterhouseCoopers LLP
Miami, Florida
February 21, 2003
Page 33 of 70