3Ware 2002 Annual Report Download - page 55

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REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
The Board of Directors
Applied Micro Circuits Corporation
We have audited the accompanying consolidated balance sheets of Applied Micro Circuits Corporation as of
March 31, 2001 and 2002, and the related consolidated statements of operations, stockholders’ equity, and cash
flows for each of the three years in the period ended March 31, 2002. Our audits also included the financial
statement schedule listed in the index at Item 14(a). 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 auditing standards generally accepted in the 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 consolidated financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Applied Micro Circuits Corporation at March 31, 2001 and 2002, and the
consolidated results of its operations and its cash flows for each of the three years in the period ended March 31,
2002, in conformity with accounting principles generally accepted in the United States. 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.
/s/ E
RNST
&Y
OUNG
LLP
San Diego, California
April 22, 2002
F-2