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The management of Bemis Company, Inc., is responsible
for the integrity, objectivity, and accuracy of the financial statements
of the Company. The financial statements are prepared by the Company in
accordance with accounting principles generally accepted in the United
States of America, and using management’s best estimates and judgments,
where appropriate. The financial information presented throughout the
Annual Report is consistent with that in the financial statements.
Management is also responsible for maintaining a system
of internal accounting controls and procedures designed to provide reasonable
assurance that the books and records reflect the transactions of the Company,
and that assets are protected against loss from unauthorized use or disposition.
Such a system is maintained through written accounting policies and procedures,
administered by trained Company personnel and updated on a continuing
basis to ensure their adequacy to meet the changing requirements of our
business. The Company also maintains an internal audit department that
evaluates the adequacy of and investigates adherence to these controls
and procedures. In addition, the Company requires that all of its affairs,
as reflected by the actions of its employees, will be conducted on a high
ethical plane.
PricewaterhouseCoopers LLP, independent accountants,
are retained to audit the financial statements. Their audit is conducted
in accordance with auditing standards generally accepted in the United
States of America and includes selective reviews of internal accounting
controls.
The Audit Committee of the Board of Directors, which
is composed solely of outside directors, meets quarterly with management,
the internal audit manager, and independent accountants to review the
work of each and to satisfy itself that the respective parties are properly
discharging their responsibilities. Both PricewaterhouseCoopers LLP and
the internal audit manager have had unrestricted access to the Audit Committee,
without the presence of Company management, for the purpose of discussing
the results of their examination and their opinions on the adequacy of
internal accounting controls and the quality of financial reporting.
Report of Independent Accountants
To the Stockholders and the Board of Directors of Bemis
Company, 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
financial position of Bemis Company, Inc., and its subsidiaries at December
31, 2000 and 1999, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2000,
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.
PricewaterhouseCoopers
LLP
January 23, 2001
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Business
Financial
Statement
