Tobacco Documents Online

LYBRAND, Ross BROS. C, MONTGOMERY The Board of Directors and Stockholders of Philip Morris Incorporated: We have examined the consolidated balance sheet of PHILIP MORRIS INCORPORATED and its Subsidiary, BENSON and HEDGES, as of December 31, 1956 and 1955 and the related consolidated statements of earnings and surplus for the years then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances. In our opinion, the accompanying balance sheet and related statements of earnings and surplus present fairly the consolidated financial position of Philip Morris Incorporated and its subsidiary, Benson and Hedges, at December 31, 1956 and 1955 and the consolidated results of their operations for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. Al" 9..a. New York, January 23, 1957. A 16