Intel 2008 Annual Report Download - page 122

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Table of Contents
REPORT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders, Intel Corporation
We have audited the accompanying consolidated balance sheets of Intel Corporation as of December 27, 2008 and
December 29, 2007, and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the
three years in the period ended December 27, 2008. Our audits also included the financial statement schedule listed in the
Index at Part IV, Item 15. These financial statements and schedule are the responsibility of the company’s management. Our
responsibility is to express an opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States). 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, the financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Intel Corporation at December 27, 2008 and December 29, 2007, and the consolidated results of its operations and
its cash flows for each of the three years in the period ended December 27, 2008, in conformity with U.S. generally accepted
accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
As discussed in Notes 2 and 23 to the consolidated financial statements, Intel Corporation changed its method of accounting
for sabbatical leave as of December 31, 2006, its method of accounting for uncertain tax positions as of December 31, 2006,
and its method of accounting for its defined benefit pension and other postretirement plans during 2006.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
Intel Corporation’s internal control over financial reporting as of December 27, 2008, based on criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our
report dated February 17, 2009 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
San Jose, California
February 17, 2009
112