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The
following consolidated financial statements have been prepared by
management in conformity with generally accepted accounting principles
and include, where required, amounts based on the best estimates
and judgments of management. The integrity and objectivity of data
in the financial statements and elsewhere in this Annual Report
are the responsibility of management.
In
fulfilling its responsibilities for the integrity of the data presented
and to safeguard the Company’s assets, management employs a system
of internal accounting controls designed to provide reasonable assurance,
at appropriate cost, that the Company’s assets are protected and
that transactions are appropriately authorized, recorded and summarized.
This system of control is supported by the selection of qualified
personnel, by organizational assignments that provide appropriate
delegation of authority and division of responsibilities, and by
the dissemination of written policies and procedures. This control
structure is further reinforced by a program of internal audits,
including a policy that requires responsive action by management.
The
consolidated financial statements have been audited by Ernst &
Young LLP, independent auditors, whose report follows. Their audits
were conducted in accordance with generally accepted auditing standards
and included a review and evaluation of the Company’s internal accounting
controls to the extent they considered necessary for the purpose
of expressing an opinion on the consolidated financial statements.
This, together with other audit procedures and tests, was sufficient
to provide reasonable assurance as to the fairness of the information
included in the consolidated financial statements and to support
their opinion thereon.
The
Board of Directors monitors the internal control system, including
internal accounting controls, through its Audit Committee which
consists of five outside Directors. The Audit Committee meets periodically
with the independent auditors, internal auditors and financial management
to review the work of each and to satisfy itself that they are properly
discharging their responsibilities. The independent auditors and
internal auditors have full and free access to the Audit Committee
and meet with its members, with and without financial management
present, to discuss the scope and results of their audits including
internal control, auditing and financial reporting matters.
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To
the Shareholders and Board of Directors Becton, Dickinson and Company
We
have audited the accompanying consolidated balance sheets of Becton,
Dickinson and Company as of September 30, 1999 and 1998, and the
related consolidated statements of income, comprehensive income,
and cash flows for each of the three years in the period ended September
30, 1999. 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 generally accepted auditing
standards. Those standards 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. 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 consolidated financial position
of Becton, Dickinson and Company at September 30, 1999 and 1998,
and the consolidated results of its operations and its cash flows
for each of the three years in the period ended September 30, 1999,
in conformity with generally accepted accounting principles.
New
York, New York
November 4, 1999
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