DIRECTV 2003 Annual Report Download - page 68

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THE DIRECTV GROUP, INC.
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of The DIRECTV Group, Inc.:
We have audited the accompanying Consolidated Balance Sheets of The DIRECTV Group, Inc. as of
December 31, 2003 and 2002, and the related Consolidated Statements of Income, Consolidated Statements of
Changes in Stockholders’ Equity and Consolidated Statements of 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 Item 15.
These financial statements and the financial statement schedules are the responsibility of The DIRECTV Group,
Inc.’s management. Our responsibility is to express an opinion on these financial statements and the 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 financial
position of The DIRECTV Group, Inc. at December 31, 2003 and 2002, and the results of its operations and its
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, the 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 2 of the Notes to the Consolidated Financial Statements, effective January 1, 2002,
The DIRECTV Group, Inc. changed its method of accounting for goodwill and other intangible assets to conform
to Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets” and effective
July 1, 2003, The DIRECTV Group, Inc. adopted Financial Accounting Standards Board Interpretation No. 46
(revised December 2003), “Consolidation of Variable Interest Entities–an interpretation of ARB No. 51.”
/
S
/D
ELOITTE
&T
OUCHE
LLP
Deloitte & Touche LLP
Los Angeles, California
March 9, 2004
61