2K Sports 2003 Annual Report Download - page 52

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50
To the Board of Directors and
Shareholders of Take-Two Interactive Software, Inc.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Take-Two Interactive Software, Inc.
and its subsidiaries (“the Company”) at October 31, 2003 and October 31, 2002, and the results of their operations and their cash flows for each of the
three years in the period ended October 31, 2003 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 misstate-
ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the account-
ing 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.
As discussed in Note 2 to Consolidated Financial Statements, the Company has restated its financial statements for the years ended October
31, 2002 and 2001.
As discussed in Note 3, effective November 1, 2001, the Company adopted the provisions of Statement of Financial Accounting Standards No.
141, “Business Combinations” and Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.” Accordingly,
the Company discontinued the amortization of goodwill as of that date. Also, as discussed in Note 3, effective November 1, 2000, the Company
changed its method of accounting for revenue recognition to conform to the requirements of SEC Staff Bulletin No. 101, “Revenue Recognition.”
New York, New York
February 12, 2004
Report of Independent Auditors