Humana 2003 Annual Report Download - page 101

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REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Stockholders
of Humana Inc.
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of
income, of stockholders’ equity and of cash flows present fairly, in all material respects, the consolidated
financial position of Humana Inc. and its subsidiaries at December 31, 2003 and 2002, and the results of their
operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity
with accounting principles generally accepted in the United States of America. In addition, in our opinion, the
financial statement schedule listed in the index appearing under Item 15(a)(2) on page 99 presents fairly, in all
material respects, the information set forth therein when read in conjunction with the related consolidated
financial statements. These financial statements and financial statement schedule are the responsibility of the
Company’s management; our responsibility is to express an opinion on these financial statements and financial
statement schedule 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 2 to the consolidated financial statements, the Company ceased amortizing goodwill
effective January 1, 2002.
/s/ P
RICEWATERHOUSE
C
OOPERS
LLP
Louisville, Kentucky
February 24, 2004
93