Proctor and Gamble 2002 Annual Report Download - page 28

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26 The Procter & Gamble Company and Subsidiaries
To the Board of Directors and Shareholders of The Procter & Gamble Company:
We have audited the accompanying consolidated balance sheet of The Procter & Gamble
Company and subsidiaries as of June 30, 2002 and 2001 and the related consolidated
statements of earnings, shareholders’ equity and cash flows for each of the three years in
the period ended June 30, 2002. 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 in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audits 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, the financial statements referred to above present fairly, in all material
respects, the financial position of the Company at June 30, 2002 and 2001 and the results
of its operations and cash flows for each of the three years in the period ended June 30,
2002, in conformity with accounting principles generally accepted in the United States
of America.
250 East Fifth Street
Cincinnati, Ohio 45202
Independent Auditors’ Report
August 5, 2002