Adaptec 2002 Annual Report Download - page 47

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Independent Auditors' Report
The Board of Directors of PMC−Sierra, Inc.
We have audited the accompanying consolidated balance sheets of PMC−Sierra, Inc. and subsidiaries ("the
Company") as of December 31, 2002 and 2001 and the related consolidated statements of operations,
stockholders' equity and cash flows for each of the three years in the period ended December 31, 2002. Our
audits also included the financial statement schedule listed in the Index at Item 15(a). These consolidated
financial statements and financial statement schedule are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements and financial statement schedule
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. 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, such consolidated financial statements present fairly, in all material respects, the
consolidated financial position of PMC−Sierra, Inc. and subsidiaries at December 31, 2002 and 2001, and the
consolidated results of their operations and their cash flows for each of the three years in the period
ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of
America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly in all material respects the information
set forth therein.
As discussed in Note 1 to the consolidated financial statements, effective January 1, 2002, the Company
changed its method of accounting for goodwill in accordance with Statement of Financial Accounting Standards
No. 142, "Goodwill and Other Intangible Assets".
/s/ DELOITTE & TOUCHE LLP
Vancouver, British Columbia
January 17, 2003
46