item 18. financial statements

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1、ITEM18.FINANCIALSTATEMENTSA.INDEPENDENTAUDITORS’REPORTTotheShareholdersofPacificCenturyCyberWorksLimited(IncorporatedinHongKongwithlimitedliability)WehaveauditedtheaccompanyingconsolidatedbalancesheetsofPacificCenturyCyberWorksLimited(the“Company”)anditssubsidiaries(the“Gr

2、oup”)asatDecember31,2001and2000andtherelatedconsolidatedincomestatements,statementsofrecognizedgainsandlossesandcashflowstatementsforeachoftheyearsinthethree-yearperiodendedDecember31,2001.TheseconsolidatedfinancialstatementsaretheresponsibilityoftheGroup’smanagement.Ourre

3、sponsibilityistoexpressanopinionontheseconsolidatedfinancialstatementsbasedonouraudits.WeconductedourauditsinaccordancewithauditingstandardsgenerallyacceptedinHongKongandtheUnitedStates.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhethe

4、rthefinancialstatementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements.Anauditalsoincludesassessingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingth

5、eoverallfinancialstatementpresentation.Webelievethatourauditsprovideareasonablebasisforouropinion.Inouropinion,theconsolidatedfinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancialpositionofPacificCenturyCyberWorksLimitedanditssubsidiariesasatDe

6、cember31,2001and2000,andtheresultsoftheiroperationsandcashflowsforeachoftheyearsinthethree-yearperiodendedDecember31,2001inconformitywithgenerallyacceptedaccountingprinciplesinHongKong.AccountingpracticesusedbytheGroupinpreparingtheaccompanyingconsolidatedfinancialstatemen

7、tsconformwithgenerallyacceptedaccountingprinciplesinHongKong,butdonotconformwithaccountingprinciplesgenerallyacceptedintheUnitedStates.Adescriptionofthesedifferencesandareconciliationofconsolidatednetincome(loss)andshareholders’equity(deficit)toU.S.generallyacceptedaccount

8、ingprinciplesissetforthinNote36.ArthurAndersen&CoF-130CertifiedPublicAccountantsHongKong,