Proctor and Gamble 2003 Annual Report Download - page 36

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To the Board of Directors and Shareholders of The Procter & Gamble Company:
We have audited the accompanying consolidated balance sheets of The Procter & Gamble Company and sub-
sidiaries as of June 30, 2003 and 2002 and the related consolidated statements of earnings, shareholders’
equity and cash flows for each of the three years in the period ended June 30, 2003. These financial state-
ments 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 evaluat-
ing 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, 2003 and 2002 and the results of its operations and cash flows for each
of the three years in the period ended June 30, 2003, in conformity with accounting principles generally
accepted in the United States of America.
250 East Fifth Street July 31, 2003
Cincinnati, Ohio 45202
34The Procter & Gamble Company and Subsidiaries
Independent Auditors’ Report