Adaptec 2003 Annual Report Download - page 52

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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, 2003 and 2002 and the related consolidated statements of operations, stockholders’ equity and cash flows for each of
the three years in the period ended December 31, 2003. Our audits also included the financial statement schedules listed in the Index at
Item 15(a). These consolidated financial statements and financial statement schedules are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements and financial statement schedules 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, 2003 and 2002, and the consolidated results of their operations and their cash
flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted
in the United States of America. Also, in our opinion, such financial statement schedules, when considered in relation to the basic
consolidated financial statements taken as a whole present 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
March 10, 2004
47